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Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000.
The PPP program stopped accepting loan… Read more
FustCharles LLP, Certified Public Accountants has been recognized by Accounting Today as one of the 2021 Best Accounting Firms to Work For!
It's advantageous for short-term investors to qualify as traders, rather than investors, for federal income tax purposes. Unfortunately, there's no bright-line distinction between trader and investor status. Here's an overview of the IRS and U.S. Tax Court guidance to help determine if you qualify…
The Department of Labor's Employment and Training Administration (ETA) reports "unprecedented increases in unemployment insurance (UI) claims amid the pandemic and related surges in fraudulent filing in states' systems by sophisticated criminal rings." This has caused widespread problems for states,…
If you're eligible for advance child tax credit (CTC) payments provided by the American Rescue Plan Act, you might wonder whether you should spend the extra cash. Some families are incurring extra child-care costs so the parents can return to work. But others don't have any imminent…
Special purpose acquisition companies (SPACs) provide an alternate route for start-ups to access public markets instead of traditional initial public offerings (IPOs). Roughly 200 SPACs debuted in 2020, drumming up close to $64 billion in funds. In fact, in 2020, there was as much capital raised…
Tax-favored Section 529 college savings plans — also known as qualified tuition programs — have been around long enough that many people are now withdrawing money to pay for school. Qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free, too. However, the full…
Nowadays, many employer retirement plans give employees the option of contributing to designated Roth accounts (DRAs). According to a 2020 survey, 75% of employer plans now offer DRAs, which are also known as Roth 401(k) accounts.
If your employer offers this option and your income is too high to…