2020 Tax Planning Amid Covid Financial Crisis

During the Coronavirus epidemic, Advisors4Advisors is publishing important updates free between CE classes.

July 12: 2020 Roth Conversion Q&A
Roth Conversion is a major tax saving strategy of 2020 for those who take RMDs or about to do so for the first time.

The July 9 class received an average rating of 9.6 on a 10-point scale. At the end of the session, Bob Keebler, CPA/PFS, answered questions from A4A members.  (Read Q&A) 

July 9: 2020: Main Street Lending Program Alert For Business Owners
Business owners who were unable to qualify for federal Covid-crisis emergency assistance from the Payment Protection Program (PPP) need to know about the Main Street Lending Program (MSLP).

Enabled by the CARES Act on March 27, 2020, MSLP is administered by the Federal Reserve Board, which is not a normal function of the Fed. MSLP  makes available $600 billion in federal aid to small businesses  that had sound financials before the Covid outbreak. MSLP loans are not forgivable and the program has been met with a tepid reponse from business owners.    

MSLP has been thew subject of considerable buzz in recent weeks, with business owners awaiting details about MSLP loans terms. On June 26, the Fed released this lengthy FAQ, which prompted a video and email campaign educating business owners about latest details on MSLP.   

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June 23, 2020: Covid-19 Tax Break Suspends Required Minimum Distributions

In this period of social distancing, many individuals 65 and older are staying home and their expenses are lower than expected. This has created an unexpected tax break for those who take required minimum distributions – RMDs -- or who are are about to start RMDs.