Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for
Joan Ellenbogen
Jun 4, 2020
Did you get an Economic Impact Payment that was less than you expected?
- By Joan Ellenbogen
- Taxes
- 0 Comments
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Jun 3, 2020
Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible
- By Joan Ellenbogen
- Business
- 0 Comments
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross
Jun 2, 2020
Don’t get shortchanged by a liquidating business
- By Joan Ellenbogen
- Fraud
- 0 Comments
If your business is a creditor of a liquidating company, you may have trouble getting back what you’re owed. It can help to get a solvency opinion, which determines whether the company could meet its long-term interest and repayment obligations when it made (or didn’t make) creditor payments. Experts apply three tests to the subject:
May 27, 2020
Recent efforts to corral COVID-19 fraudsters
- By Joan Ellenbogen
- Fraud
- 0 Comments
The novel coronavirus (COVID-19) pandemic has opened the floodgates to scam artists attempting to profit from sick, anxious and financially vulnerable Americans. On the frontlines fighting fraud are the Federal Trade Commission (FTC), U.S. Justice Department (DOJ) and other government agencies. Here are some of the fraud schemes they’re actively investigating — and the perpetrators
May 20, 2020
IRA account value down? It might be a good time for a Roth conversion
- By Joan Ellenbogen
- Financial Planning
- 0 Comments
The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. The key differences
May 14, 2020
5 ways to protect remote workers — and your business — from cyberattacks
- By Joan Ellenbogen
- Fraud
- 0 Comments
Many businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. And while adapting to working from home, employees may have