Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your home. You can use this cash to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses. A reverse mortgage is not without risk, however.
Small Business Financing: Securing a Small Business Loan
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants and how to approach it properly can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.
Improperly Forgiven PPP Loans Are Taxable
Recipients of Paycheck Protection Loans (PPP) should be aware that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, they are not eligible to exclude the forgiveness from income. They must, instead, include in income the portion of the loan proceeds that were forgiven based upon misrepresentations or omissions.
Lending Money to a Friend? It Pays To Plan Ahead
Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.
Highlights of the American Rescue Plan Act Information
Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look:
Economic Impact Payments: Round Three in Full Swing
On March 12, following the American Rescue Plan Act’s approval and signing, the IRS began sending out the third round of Economic Impact Payments. Most payments were sent out via direct deposit, but approximately 150,000 checks were mailed by the Treasury Department as well. Taxpayers who received EIP1 or EIP2 but didn’t receive a third payment (EIP3) via direct deposit will generally receive a check or, in some instances, a prepaid debit card (EIP Card).
Coronavirus-Related Distributions and Loans
The Coronavirus, Aid, Relief, and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options.
PPP Loan Deadline Extended Through May 31
The Paycheck Protection Program Extension Act of 2021 was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30 days after the May 31 deadline to review and process loan applications.
PPP Round 2: What You Need to Know to Cash In
The new tax law just signed by President Trump has significantly changed the current Paycheck Protection Program.
Most importantly, it provides a second round of additional PPP loan funding.
Here are the key changes — from forgiveness to the requirements for new PPP funding.
$100 Million in New York State Loans Available Now!
Many Small Businesses, Non-profits, and Landlords May Qualify for Up to $100,000
Pre-applications for the New York Forward Loan Fund are available now with priority going to industries and regions that have already reopened.
With over $100 million in NY State loans available, this is exciting news for qualifying landlords, not-for-profits, and small business entrepreneurs impacted by COVID-19 related financial issues.