CARES Act Eases Rules for IRA and 401(k) Withdrawals
Michelle Singletary from the Washington Post reminds readers that withdrawing money from IRAs and 401(k)s under the CARES Act comes with COVID-related stipulations. Please review her list of pre-qualifications before making any withdrawals.
529 Distributions & College Refunds
Important to remember as we try to get our college students back to school: Distributions from 529 plans must be used to pay qualifying expenses incurred during the tax year. If you receive a refund of tuition, fees, or room and board paid from 529 plan funds, put...
Small Business Owners in Columbus & Franklin County: There is Still Time to Apply for COVID-19 Recovery Grants!
More than half of the $10.5 million of the COVID-19 Small Business Response and Recovery Fund is still available to help small (fewer than 25 employees) minority- or woman-owned businesses, according to BizJournals.com. These funds can be used to maintain jobs and...
Updates on the PPP Forgiveness Process
Banks are beginning to offer portals for businesses to begin the PPP forgiveness process. We strongly encourage our clients to continue to work closely with their bank’s forgiveness process. If you find you need accounting assistance at any point during the process,...