IRS PPP Clarification Notice 2020-32May 8, 2020

In response to the Paycheck Protection Program loan forgiveness, the IRS on April 30, 2020 released Notice 2020-32. To keep it simple, if you have received loan proceeds under the PPP plan and the loan or portions of the loan are forgiven, the expenses associated with the loan forgiveness are not deductible. Initial understanding and …

IRS Strikes Back on PPP Loan ExpensesMay 1, 2020

In response to the Paycheck Protection Program loan forgiveness, the IRS on April 30, 2020 released Notice 2020-32. To keep it simple, if you have received loan proceeds under the PPP plan and the loan or portions of the loan are forgiven, the expenses associated with the loan forgiveness are not deductible. Initial understanding and …

1031 Extension Due to COVID-19 Emergency – Updated April 13, 2020April 13, 2020

On April 9, 2020 the IRS issued Notice 2020-23, extending a variety of deadlines, including 1031 deadlines. The Notice extends any 45-day or 180-day deadline that occurs between April 1 and July 14, to July 15, 2020. Here are two examples to illustrate the current extension. Example 1: Exchange began April 5, 2020. 45th day …

The CARES Act – Summary of Tax Provision – Updated March 31, 2020March 31, 2020

Dear Clients, Business Associates and Friends: We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In …

7 Effective Tax Saving Tips You Need to Know: 2020 EditionJanuary 17, 2020

7 Effective Tax Saving Tips

April is tax season, and for some people that can be scarier than Halloween. The average American can expect to pay a little over $10,000 a year in taxes, or 14 percent of their household income. That’s a sizeable tax bill and one that many people would rather not have to shoulder. Fortunately, there are …

Overview of Provisions of the SECURE Act Affecting IndividualsJanuary 9, 2020

Senior couple meeting financial adviser for investment

Congress recently passed and the President signed into law-the SECURE Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation. Here is a look at …

5 Reasons to Make the Switch to CurchinJanuary 7, 2020

5 Reasons to Make the Switch to Curchin

Whether you’re feeling lost in a large firm, needing more from a small firm, starting a new business or experiencing any of the other reasons why people change accountants, The Curchin Group can meet and exceed your expectations. As a mid-sized accounting firm that’s large on experience, we provide our clients with: 1. Personalized Service …