Congress Does Away with the Stretch IRA

Jon Weaver Tax Information

Article Highlights: Taxability of Distributions Stretching Distributions SECURE Act Changes Ten-Year Rule Spouse Exception Other Exceptions Naming Beneficiaries On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA …

Running Low on Money? Congress Has Made it Easier for You to Tap Your Retirement Savings

Jon Weaver Tax Information

Article Highlights: COVID-19 Tax Benefits Retirement Plan Withdrawals Waiver of 10% Early Withdrawal Penalty Retirement Plan Loans Roth IRAs Other Sources of Income Way to Reduce Payments If you are struggling financially due to the COVID-19 epidemic, you will be happy to know Congress, as part of the CARES Act enacted on March 27, has made it easier for you …

Tips to Keep Your Business Afloat During COVID-19

Jon Weaver Tax Information

COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take in order to bounce back. …

Delaying Payment of Old Tax Bills Is A Big Mistake

Jon Weaver Tax Information

You know that long list of ways that the coronavirus has affected our lives? Well, here’s another one. The Internal Revenue Service has completely flipped a switch on its priorities, and it is not even looking at paper tax returns that are being sent to it. The idea of all those envelopes piling up somewhere is a bit mind-boggling, but …

What’s Best for You – Traditional or Roth IRA?

Jon Weaver Tax Information

Article Highlights Traditional IRA Roth IRA Selecting the IRA Type for You Penalties Conversions Spousal IRAs Retirement Distributions The tax code offers two types of IRAs; one is referred to as the traditional individual retirement account (IRA), so named because it was the first type of IRA available, having been created by Congress back in the 1970s. The second type …

Checking Your Federal Refund Status Is Easy

Jon Weaver Tax Information

Article Highlights 24/7 Access Quick Posting Direct Deposit Necessary Information If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online. Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several accounts, opted for a direct …

IRS Guidance: PPP Loan Expenses Not Tax-Deductible

Jon Weaver Tax Information

On April 30th, the IRS released guidance announcing that expenses related to Paycheck Protection Program (PPP) forgivable loans will not be tax-deductible. The PPP was originally created as part of the CARES Act, a $2.2 trillion coronavirus relief bill. The program provides low-interest loans to small businesses that will be forgivable as long as the funds go are used for …

Not All PPP “Forgivable” Loans Will be Forgiving

Jon Weaver Tax Information

In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans. Though the loans are indeed forgivable, the requirements for forgiveness …

Rebates Are Finally Flowing – Did You Get Yours; Was It Correct?

Jon Weaver Tax Information

Article Highlights: Economic Impact Payments What Rebates Are Based Upon Non-Filers Get My Payment Auto-Deposit and Addresses Family Makeup & Income IRS Q&A The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.”  However, not everyone who was expecting one has received theirs, and some may not be the amount expected.  The Treasury first looked …