The Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) in April to help companies impacted by COVID-19. Created under the Coronavirus Aid Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500 employees. Originally, the PPP offered eligible participants loans determined by eight weeks of previously […]

For Seniors age 65 and older who have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. Medicare premiums can add up fast, so receiving a tax break from these extra payments for additional coverage will be a benefit if you qualify. Tax deductions for Medicare […]

With the recent developments happening around the country, riots in urban areas have caused storefronts, office buildings and business properties to be destroyed. As a result of these riots, some of these businesses have lost products due to theft, windows have been smashed, and some buildings were burned to the ground. Businesses really felt this […]

What does succession planning look like to you? It probably looks like a long term process. One where the new successor can slowly be groomed over the years, and maybe you’re even there for a while after the transition to help advise them. That sounds like a great plan. But what if it doesn’t go […]

There is a way. Retirement planning is important. While many know that, it can still be difficult for married couples to plan for retirement if only one of them is employed. However, there is an option for a spousal IRA where contributions can still be made for a nonworking spouse. Under the spousal IRA rules, […]

The coronavirus (COVID-19) has been hard on many businesses, but particularly the restaurant and entertainment industry has been hit hard. One potential aide for these businesses comes in the form of a proposed tax break by President Trump that would enhance the current deductibility of meals and entertainment on tax returns. While this could help […]

Odds are your sales projections have changed significantly and frequently from the beginning of the year – and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses across a variety of industries are revising their sales compensation models. Nonprofit workforce researchers WorldatWork released a report in late April indicating that 36% of […]

Student loans are one of the many things impacted by the novel coronavirus (COVID-19) and your taxes will be effected. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making […]

The IRS recently released the 2021 amounts for Health Savings Accounts (HSAs) adjusted for inflation. Read below to see how you may be affected. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for […]

The credits are issued on a first come first served basis and many times run out the first week of July. It is important to get your application in by July 1st. Kentucky offers a state tax credit of up to 20% of an endowment gift to a qualified community foundation, county-specific component fund, or […]