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Stimulus Money You Can Access Immediately


The “Special Rules for Loans and Distributions from IRAs and Qualified Plans” is one major aspect of the CARES Act that has garnered little attention. You may withdraw up to $100,000 from all qualified plans in which you participate from January 1, 2020 to December 31, 2020 without the 10% penalty for early withdrawal if you are under 59½ if any of the following circumstances occurs: You are diagnosed with SARS-COV2 or COVID-19 by a test approved by the CDC A spouse or a dependent is diagnosed with same You experience adverse financial consequences as a result of the following: Quarantined [...]

Stimulus Money You Can Access Immediately2020-04-22T22:40:52+00:00

Stimulus Scammers


The IRS urges taxpayers to watch carefully for COVID-19 scammers as many Americans will soon be receiving stimulus checks. The IRS will not call and ask to verify payment details The IRS will not email or text news that you can get your stimulus money faster by clinking links The IRS will not require that you verify a check online or by calling a number No action is needed from taxpayers who filed either 2019 or 2018 federal tax returns.  Information contained therein will be used to make calculations and payments. The IRS plans to mail a letter about the payment [...]

Stimulus Scammers2020-04-09T00:07:37+00:00

Apply April 3rd for your PPP loan


April 3rd, 2020 is the first day business owners in the United States can begin applying for the PPP (Payroll Protection Program) loan that is part of the Assistance for Small Businesses through the CARES Act. The secure hyperlink below will take you directly to the U.S. Treasury Department website for everything you need to know about the PPP Loan program including the online application. Hopefully you took action this week to contact your business banker to make them aware you will be applying for the PPP Loan. You will have to apply through your bank, which is likely an [...]

Apply April 3rd for your PPP loan2020-04-02T22:36:16+00:00

To File or Not to File


The United States House of Representatives passed the $2T CARES Act this afternoon, and the President has signed it into law. Treasury Secretary Steve Mnuchin says the first set of stimulus checks under Division B, Title 1 should go out the week of April 6th. He also estimates that roughly 83% of Americans will receive some or all of the $1,200 per adult stimulus check. If you have not yet filed your 2019 tax return, you may want to delay until after you receive your stimulus check; here’s why. If your 2019 return is ready or nearly ready to be filed [...]

To File or Not to File2020-03-30T18:56:12+00:00

“Economic Injury”


“Not because they are easy, but because they are hard.” Some of you will recognize this quotation from President Kennedy’s 1962 speech that challenged America to go to the Moon by the end of the decade – after the U.S. was in space only 22 minutes! Many laughed and said it couldn’t be done that quickly. Today our planet is faced with a different type of challenge – COVID-19. Yes, it’s hard with one of the worst pandemics in human history. How we respond as nation’s, business owners, and as individuals will determine if this turns into a worldwide depression or [...]

“Economic Injury”2020-03-27T17:26:33+00:00

Update on July 15th, 2020 tax deadline


Update on the July 15th tax deadline Hello everyone, Lynn Spencer here. This post has the new tax filing deadlines for 2020. You now have until July 15th to do the following: File and pay federal and state of Georgia 2019 income taxes. You will automatically avoid interest and penalties on the 2019 taxes if paid in full by July 15th, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16th, 2020 Pay your first quarter 2020 federal and state of Georgia tax estimates. Please note that your 2nd quarter tax estimate is still [...]

Update on July 15th, 2020 tax deadline2020-03-30T19:03:55+00:00

“I’ll bet you didn’t know why we pay taxes in April” (VIDEO)

2020-03-30T19:01:27+00:00 Some people correlate the “Ides of March” with William Shakespeare’s play, Julius Caesar.   In it, a soothsayer warns the Roman general that his life is in danger stating “beware of the Ides of March”, which corresponds with the 15th day of the lunar month.  Hello, Lynn Spencer here with tax-related trivia knowledge.  The Ides of March dates back to the earliest Roman calendars dating about 753 B.C., and it initially marked the first full moon of a new year.  The Romans used it as a deadline for settling financial debts, bringing the previous year to an official end. It is [...]

“I’ll bet you didn’t know why we pay taxes in April” (VIDEO)2020-03-30T19:01:27+00:00
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