PPP Loan and Taxes The CARES Act was passed on March 27, 2020 and introduced the Paycheck Protection Program. It allowed small businesses to receive a loan and use it over the following 8 weeks to pay approved expenses. If the loan was used for approved expenses, it would be forgiven, and the borrower would […]
Did you take an early distribution from your retirement account in 2020? Many of my clients find themselves with an unexpected tax liability when financial hardship, and sometimes poor planning, force them to take an early distribution from their retirement plan. Normally, taxpayers who are under 59 ½ years of age must pay a 10% […]
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