All posts by mjmccormick

RMDs Suspended for 2020

The CARES Act signed into law earlier this year waives all required minimum distributions (RMDs) for 2020.What if you already took your annual RMD? The IRS has granted a rare tax time machine to un-do

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PPP forgiveness update

​Mnuchin suggests forgiving smaller PPP loans without verification

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PPP Auto Forgiveness on the table.

The Paycheck Protection Small Business Forgiveness Act is currently in the Senate. The ACT would forgive PPP loans of $150,000 or less based on the borrower submitting a one page attestation to the

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End of PPP loan applications extended to August 8.

With only hours to spare on June 30th Congress extended the PPP application deadline to August 8. Both the House and Senate unanimously passed the legislation which will now go to the President of signature.Forbes

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The IRS is on your side!

For once.In a stunning turn of events the IRS is allowing any RMD taken thus far in 2020 to be "rolled-over" into a qualified plan or IRA by August 31, 2020.The one rollover per year - suspendedRMDs suspended

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Senate passes Paycheck Protection Flexibility 06/03/2020

Senate passes keyPaycheck Protection Flexibility ActJune 3rd, 2020.With nearly unanimous support the Senate passed the Paycheck Protection Flexibility Act. The legislation will now go to the President

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Paycheck Protection Plan Webinar Series

PPP Webinar Series 10:30am WednesdaysHow to effectively track and monitor PPP loan proceeds for maximum forgiveness. Including Legislation and Regulation update.SBA PPP Loans have been and are being fundedAn

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What to do with erroneous stimulus payment

Receive an erroneous Economic Impact Stimulus Payment?The IRS has begun sending checks and making direct deposits of the economic impact stimulus payments authorized by Congress in April 2020.The problem

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Tracking PPP Loan Proceeds

Track the use of your PPP Loan ProceedsThe PPP loan planning and tracking spreadsheet mentioned in last week's webinar is available. The registration page is located here: https://www.financialclaritygroup.com/ppptracking/If

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Paycheck Protection Plan Webinar Series

PPP Webinar Series begins:12:00pm EST April 22, 2020How to effectively track and monitor PPP loan proceeds, legislation and regulation update.SBA PPP Loans are being funded. How will you document

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Max Unemployment Benefits by state

Resource for determining the maximum amount of unemployment benefit to which you may be eligible.Ohio weekly max is $480 for an individual and up to $647 with dependents.Link to chart

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IRS Stimulus Payment for those not required to file.

The IRS has provided some guidance and a tool for individuals who are generally not required to file a tax return.Follow this link.https://www.irs.gov/coronavirus/non-filers-enter-payment-info-hereThere

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Ohio BWC $1.6B “dividend” to Employers

​Move made to ease COVID-19 financial impact COLUMBUS  Ohio Governor Mike DeWine and Ohio Bureau of Workers' Compensation (BWC) Administrator/CEO Stephanie McCloud today proposed giving up to $1.6

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Ohio BWC

Ohio BWC changesemployer programs 04/03/2020Recently, the Ohio Bureau of Workers' Compensation (BWC) announced that they are waiving several program requirements for employers due to the impact of the

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Covid-19 Legislation Webinar

Webinar 7pm Thursday April 2, 2020A brief on and maneuvering through the maze of government Covid-19 legislation. SBA EIDA LoansNot-forgivable, Requirements and termsCARES ACTForgivable, Requirements,

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