What qualifies as a “coronavirus-related distribution” from a retirement plan?

The Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify for a coronavirus-related distribution? The Early Distribution Basics In general, if you withdraw money from an IRA or eligible retirement plan

2021-04-12T14:53:53-06:00June 30th, 2020|

Paycheck Protection Program Flexibility Act of 2020 (PPPFA) Summary

Businesses, employers, and SBA lenders have been waiting for further clarification and added relief regarding the SBA Paycheck Protection Program (PPP). The new Paycheck Protection Program Flexibility Act of 2020 (PPPFA) provides some of the much needed guidance. Here is a summary of the bill. These provisions are retroactive to

2021-04-12T14:54:12-06:00June 10th, 2020|

FASB Gives More Time for Updated Revenue Recognition and Leases

Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to

2021-04-12T14:54:12-06:00June 10th, 2020|

Can you deduct student loan interest on your tax return?

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows

2021-04-12T14:54:12-06:00June 2nd, 2020|

Covid-19: DWC Offices Update & Serving You

Dear Clients & Friends, To coincide with Colorado and individual counties reopening with varying coronavirus safety requirements, our offices continue to integrate more staff into our work spaces while following health monitoring and sanitizing measures for maintained protection of employees, families, clients, and community. At this time, our offices will

2021-04-12T14:54:12-06:00June 1st, 2020|
Go to Top