SBA, Treasury to publish names of some PPP loan recipients

The U.S. Small Business Administration (SBA) and Treasury have agreed to publish the names and amount ranges for all recipients of Paycheck Protection Program (PPP) loans of $150,000 or more. In a news release issued Friday night, Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said they had reached an agreement with the bipartisan …

Continue reading SBA, Treasury to publish names of some PPP loan recipients

Think Before Tapping 401(k) as Emergency Fund

Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as …

Continue reading Think Before Tapping 401(k) as Emergency Fund

Start or review an accountable plan

Employee reimbursements need careful compliance. Employees, including business owner/employees, often are required to pay expenses out of pocket on behalf of their employer or business. In most cases, they do so either expecting to be reimbursed or, until the end of 2017, expecting to claim the expenditures as a miscellaneous itemized deduction (above a threshold …

Continue reading Start or review an accountable plan

Final rules determine maximum vehicle values

The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation. Consistent with the substantial increase in the dollar limitations on depreciation deductions under Sec. 280F(a), the regulations …

Continue reading Final rules determine maximum vehicle values