Tax time is here! This time of year can bring financial stress and anxiety to the forefront, but it also provides you with an excellent opportunity to evaluate your financial health.

Taking a close look at your tax return can be an eye-opening experience. This is an excellent time to implement changes and course-correct if you want to see results as the year progresses. As you review your tax return and accompanying paperwork, take the time to evaluate your financial goals from the last year.

• Did you achieve them?
• How much progress did you make working towards them?
• What did or did not work for your savings and spending plan?

Tax season doesn’t need to be dreaded. Instead, focus on using this time to increase your financial literacy and further pursue your financial goals.

This year has been unlike any other in recent memory. Front and center, the COVID-19 pandemic has touched virtually every aspect of daily living and business activity in 2020. In addition to other financial consequences, the resulting fallout is likely to have a significant impact on year-end tax planning for both individuals and small businesses. We have prepared this 2020 Year-End Tax Letter to help keep you informed. You can read it here.

New information about the Paycheck Protection Program (PPP), what it means, and what you can do about it.  – Click here for more.

We finally have an interim rule from SBA on the PPP program. Unfortunately, this rule creates some ambiguity. We fully expect additional guidance from SBA over time. Read the article here. PPP–IFRN FINAL

In the interest of bringing you as much information on the Paycheck Protection Program as we can, and as soon as we can, please follow the link for an update from the US Chamber of Commerce. PPP Update US Chamber of Commerce

Right now, your highest priority is the health of those you love and yourself. That’s why we have put together this letter for you regarding some non-medical but important matters related to the health crisis. Included is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19 (commonly referred to as Coronavirus). Please take a moment to read the full article by clicking here: COVID-19 TAX UPDATE

On Friday March 27th the President signed into law the 854-page Coronavirus Aid, Relief and Economic Act
(“CARES Act”). There are several components of the law, but the one likely most important to your business is
found at Title I-Keeping American Workers Paid and Employed Act, Sec. 1102 entitled the Paycheck Protection
Program. Here is what we know about the program as of March 30, 2020.  Paycheck Protection Program March 2020

Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive
changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017—and pinpointing
the optimal strategies. This monumental tax legislation includes a myriad of provisions aff ecting a
wide range of individual and business taxpayers. Please click here to read the letter: 2019 YE Tax Letter

Click on this link to find our 2018 tax planning newsletter.
We hope you find it useful and if you have any questions or concerns, please call or send us an email.
Warmest wishes for a safe and happy holiday.

~Bruce

After all the advice you’ve received about saving for retirement, taking money out of your traditional IRAs and other qualified retirement plans may feel strange. Yet once you reach 70½, the required minimum distribution (RMD) rules say you have to do just that.
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