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The PPP Flexibility Act passed both the House and the Senate Wednesday and is expected to be signed by the President Thursday.  The Act provides additional relief to business that may not have qualified for full forgiveness under the current law.  Here is a summary of the changes to PPP loan forgiveness. Extension of 2-year repayment period to 5 years.  PPP loans[…]

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Across the country, the number of people who define themselves as self-employed is growing. In 2019, the Bureau of Labor Statistics estimated there are 16 million self-employed in the United States. While taxes for the self-employed are similar to those of other business owners, there are some issues that should be considered through a somewhat[…]

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Most people are familiar with the term FICO score – that’s your credit score -and it can have an enormous impact on one’s life, affecting your ability to buy a home, a car and much more. So, it’s worth noting that changes are coming this summer to the scoring system, used widely by credit agencies[…]

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The $2 trillion federal stimulus package is intended to help American families and businesses, both large and small, as they struggle to survive economically during the COVID-19 pandemic that has already killed tens of thousands around the world. The legislation is the largest economic rescue in modern American history and will impact millions of people[…]

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Many people dream of being their own boss, free from the constraints of someone else telling them what to do – and when. But, starting your own business and taking more control of decisions that impact your life can seem overwhelming and out of reach. Still, becoming self-employed doesn’t need to be just a pipe[…]

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Filing your individual tax return, no matter how complex or relatively simple, can be very time consuming. Applying for an extension from the Internal Revenue Service is a way to give yourself an additional six months to get all of your paperwork in order. Do keep in mind, however, that if you owe the IRS[…]

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Due to concerns that partnerships may not be able to comply with its new mandate for the way they should report partners’ capital accounts, the IRS has postponed the requirement for reporting partners’ shares of partnership capital on the tax-basis until 2020. (See Notice 2019-66). Under old law, partnerships could report partners’ capital on a[…]

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