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Tax & Accounting Articles

PPP Loan Forgiveness
PPP Loans can be forgiven if used for payroll and certain overhead expenses. Numerous banks have been sending out information about the forgiveness process. We expect the information required to be submitted to banks will change in the near future.
Please do not apply for PPP loan forgiveness at this time. The due date for the first loan payment and the forgiveness application has been extended and the earliest a loan payment would be required to be made is 10 months plus eight weeks after the original loan date.
Like-kind Exchanges

Exchanging investment or business real estate for other real estate better suited for your business can be accomplished tax free.

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Economic Injury Disaster Loan (EIDL) Scam
The SBA has been processing EIDL applications under a COVID-19 expedited process. The SBA will not initiate a phone call about your loan application. If the SBA requires additional information from you, they will contact you via email and the email will reference your EIDL application number.
Scammers have been making phone calls and spoofing caller ID to reference the Small Business Administration (SBA). Business and personal information should not be provided to an individual initiating a phone call and claiming to be from the SBA. If you have questions about your application, please call the SBA directly at 800-877-8339.
Gifts and Inheritances

The receipt of a gift or inheritence is free of income taxes. If you sell the gift or inheritence you may incur income taxes.

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Gift and Estate Taxes

The lift-time exemptions for gift and estate taxes are doubled through 2025. Now may be the time to consider making gifts to minimize estate taxes.

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Social Security Benefits

Social Security benefits are taxable for most recipients. The amount of benefits subject to an income tax is dependent on overall income.

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IRA’s

Traditional and Roth IRA’s offer tax deferred or tax-free savings for retirement. Distribution rules vary depending on the type of IRA. Penalty exemptions may apply to early distributions.

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