CPA Tax Partners

Did you know required minimum distributions (RMD) were waived by the CARES Act for 2020?

Here's what you need to know.

⏰August 31, 2020 is the deadline for returning or rolling over 2020 RMDs.

✅ CARES Act waives required minimum distributions for 2020.

✅ For taxpayers who turned 70 1/2 in 2019.

✅ If RMD is not returned by the deadline, the distribution will be included in your taxable income for 2020.

If you're unsure whether to return your RMD or associated tax implications message me.

Are you a , , ? Struggling to cover ?

Under the provisions, there is now a $10,000 available for assistance.

If you previously applied for the EIDL loan and were declined, this does not affect your eligibility for the grant.

If you have questions, please email me at [email protected]

Had a great opportunity to connect with a owner. Sarah helps her clients create terrific websites in short turn around time.

Many nonprofits and small businesses have been wondering and questioning how they will get by in the upcoming weeks, (especially without furloughing or downsizing employees).

Guidance is starting to come out regarding the SBA Economic Injury Loan Assistance Program. Right now the geographic areas which are available for the loan assistance are limited.

Link Below.

https://www.sba.gov/disaster-assistance/coronavirus-covid-19?

Coronavirus (COVID-19) SBA Disaster Assistance in Response to the Coronavirus