Grab Some Quick Cash with the CARES Act’s Five-Year NOL Carryback

For many years, thanks to the net operating loss (NOL) provisions, the tax code gave you quick cash in your pocket if you had an overall net loss in a tax year. Unfortunately, starting in 2018, the TCJA took away your ability to get almost instant benefit from your NOL. Now, due to the COVID-19… Read More

COVID-19 Crisis Creates Silver Lining for Roth IRA Conversions

For years, financial and tax advisors have lectured about the wonderfulness of Roth IRAs and why you should convert traditional IRAs into Roth accounts. But, of course, you didn’t get around to it. In hindsight, maybe that was a good thing. For many, the financial fallout from the COVID-19 crisis creates a once-in-a-lifetime opportunity to… Read More

COVID-19: Significant Payroll and Self-Employment Tax Relief

If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest tax burdens. Here’s some possible good news: Congress decided to give you significant relief from these taxes due to the COVID-19 pandemic. We’ll tell you what relief options are available and whether or… Read More

COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab-and-Repay

Under this new law, you may be able to take money from your IRA and other retirement accounts, avoid early withdrawal penalties, and have generous options on repayment (or not). Additionally, you may not have to take the required minimum distribution from your IRA. COVID-19-Related Distributions from IRAs Get Tax-Favored Treatment If you are an… Read More

COVID-19: IRS Provides Relief from Enforcement Actions

During the COVID-19 pandemic, the last thing you need is the IRS doing bad things, like auditing you or levying your bank account or wages. But don’t worry—the IRS is pausing most of its collection and audit enforcement actions. Installment Agreements If you have an installment agreement with the IRS, then the IRS is suspending… Read More

Tax Loophole Allows Tax-Free COVID-19 Payments to Employees

After the terrorist attacks on September 11, 2001, Congress added a little-known tax provision to the tax law. This little-known tax code provision exempts certain payments from taxation during a disaster or terrorist attack. President Donald Trump’s national emergency declaration triggered the disaster provisions of the tax law, including this one—where both you and your… Read More