Experiences Matter
Experiences Matter They say experiences matter. As a financial advisor, I like to understand what matters most to my clients. I also want to help them maintain their desired lifestyle both before and during retirement. That can lead to tough choices as you try to balance saving for tomorrow – funding college and retirement are […]
Are You Taxed If the SBA Makes Loan Payments on Your Behalf?
The Small Business Administration (SBA) Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) have gotten the most attention from businesses seeking a quick cash infusion during the COVID-19 pandemic. But the SBA has several other loan programs that pre-date the pandemic and don’t require a disaster for eligibility. These include the following: […]
Who Qualifies for First Draw PPP Money Today?
Answer—you most likely—if you file a business tax return and have not yet received any Paycheck Protection Program (PPP) monies. But don’t wait. The money is going to run out fast and once it’s gone, so is the PPP. And the new PPP ends March 31, even if the money is not gone by then. […]
COVID-19-Related Government Grants: Taxable or Not?
In an effort to stave off economic devastation caused by the COVID-19 pandemic, billions of dollars in grants are being handed out to individuals and businesses by the federal government and by state and local governments as well. Are these grants taxable? Like most things in the world of taxes, it depends. What Is a […]
COVID-Proofing Your Financial Advisory Practice
The COVID-19 pandemic has caused businesses across industries to review how they function and engage with their clients. The market uncertainty has naturally put tremendous pressure on the financial advisory industry as we know it. The sudden devaluation of businesses and the loss of key client accounts has created a liquidity crisis. The pandemic is […]
If the SBA Made Six Loan Payments on Your Behalf, Are You Taxed?
Since the arrival of the COVID-19 pandemic, the Small Business Administration (SBA) Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) have gotten the most attention from businesses seeking a quick cash infusion. But the SBA has several other loan programs that pre-date the pandemic and don’t require a disaster for eligibility. These […]
Why it is time for Independent Financial Advisors to go Digital
Why is it time for independent financial advisors to embrace digital transformation? We dive in to address this question in detail and understand why financial advisors are going digital and what they are doing to enable a digital transformation in their businesses. Digital is more important than ever. COVID, lockdowns, and WFH have accelerated the […]
Did You Know? IRS Enables Millions to Qualify for the $100,000 IRA Grab and Repay
Question My home business did not get affected by the COVID-19 pandemic, but I’ve lost about $30,000 in revenue year-to-date because clients didn’t have money to pay me. Also, my significant other’s job hasn’t changed. I wanted to take money from my IRA to help with cash flow and use the repayment benefit. I don’t […]