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SBA Streamlines Forgiveness for Smaller PPP Loans

Posted by Sweeney Conrad, PS on Aug 4, 2021 6:00:19 PM

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a time when many borrowers are nearing a critical deadline regarding their applications for forgiveness.

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Topics: COVID-19

How to Protect Your Company Against Ransomware

Posted by Patrick Sweeney on Aug 4, 2021 4:50:51 PM

When a ransomware attack recently debilitated the largest gas pipeline in the US, it was impossible to ignore. Even small company owners sympathized with the decision faced by giant Colonial Pipeline—to pay or not to pay to unlock their files. Eventually the company chose to pay ransomware gang Darkside $4.4 million in Bitcoin for a key to restore its data.

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Keep Family Matters Out of the Public Eye By Avoiding Probate

Posted by Jessica Simons, CPA on Jul 29, 2021 1:20:28 PM

Although probate can be time consuming and expensive, one of its biggest downsides is that it’s public — anyone who’s interested can find out what assets you owned and how they’re being distributed after your death. The public nature of probate may also draw unwanted attention from disgruntled family members who may challenge the disposition of your assets, as well as from other unscrupulous parties.

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A Fresh Look at CRTs, CRATs and CRUTs

Posted by Melanie Abigania, CPA on Jul 29, 2021 1:10:50 PM

A charitable remainder trust (CRT) allows you to support a favorite charity while potentially boosting your cash flow, shrinking the size of your taxable estate, and reducing or deferring income taxes. In a nutshell, you contribute stock or other assets to an irrevocable trust that provides you — and, if you desire, your spouse (or others you designate) — with an income stream for life or for a term of up to 20 years. At the end of the trust term, the remaining trust assets are distributed to one or more charities you’ve selected.

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Topics: Insider, Test, Estate Planning

The Way Forward: COVID Relief Assistance Update

Posted by Sweeney Conrad, PS on Jul 18, 2021 10:37:56 PM

As businesses move beyond operating in pandemic crisis mode, many are facing a significant financial aftermath and considering their options. If you haven’t yet taken advantage of all available programs to help your company, it’s not too late for some assistance.

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Topics: Tax

Leadership Post-COVID: What's Next?

Posted by Sweeney Conrad, PS on Jul 16, 2021 12:59:09 AM

Your colleagues are seeing a light at the end of the tunnel. Are you?

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Topics: COVID-19

Planning for the 2021 Child Tax Credit – Credit Optimization for Divorced Parents

Posted by Shauna Hovancsek, CPA on Jul 8, 2021 6:53:18 PM

Last week we posted some information about the Advanced Child Tax Credit for 2021. Details about the credit can be found in that blog post here.

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DOL Final Rule - What to Know About Choosing ESG Funds as QDIAs

Posted by Wende Wadsworth, CPA on Jul 6, 2021 1:54:46 PM

On January 12, a final Department of Labor (DOL) rule went into effect that amends the regulations governing the selection of retirement plan investments by fiduciaries under ERISA. Some important changes were made to the Final Rule from the proposed rule that was first issued a year ago.

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Topics: Audit & Assurance, Employee Benefit Plans

Here Come the Child Tax Credit Payments: What You Need to Know

Posted by Shauna Hovancsek, CPA on Jun 30, 2021 2:43:39 PM

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and why advance payments might not make sense for your household even if you qualify for them.

Understanding the CTC, then and now
The CTC was established in 1997. Unlike a deduction, which reduces taxable income, a credit reduces the amount of taxes you owe on a dollar-for-dollar basis. While some credits are limited by the amount of your tax liability, others, like the CTC, are refundable, which means that even taxpayers with no federal tax liability can benefit. Historically, the CTC has been only partially refundable in that the refundable amount was limited to $1,400.

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The Advantages and Disadvantages of Holding a Joint Title to Property with a Family Member or Friend

Posted by Jessica Simons, CPA on Jun 29, 2021 3:16:21 PM

Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But like many shortcuts, it may produce unintended — and costly — consequences.

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Topics: Estate Planning

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