Author Archives:troutcpa

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More Flexibility For PPP Loan Forgiveness & Payroll Tax Deferral

The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) (PPP Flexibility Act), enacted on June 5, 2020, makes welcome changes to the forgiveness rules for Paycheck Protection Program (PPP) loans made to small businesses in response to the novel coronavirus global pandemic (COVID-19). The PPP Flexibility Act greatly increases the...

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Why You Should Conduct A 2019 Lease Audit Now

When you enter unfamiliar territory, you need a map to determine how you got there and where you’re going. Commercial tenants and landlords face uncertainty along the winding road ahead, so tenants need more clarity about their leases to help navigate the way forward. A building’s standard operations will be different in 2020 than ever before,...

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5 Things PPP Borrowers Need To Do Now

For small and midsize businesses struggling because of the coronavirus, the Paycheck Protection Program (PPP), included as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provided much-needed funding to cover necessary expenses. One of the chief benefits of the loans made through this program is the potential for the...

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Spotlight on the Opportunity Zone Program

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Summary

On December 19, 2019, the IRS and Treasury released final regulations under Section 1400Z-2. These final regulations provide final guidance and generally adopt many of the rules that were promulgated in the two sets of proposed regulations that were previously issued. The first set of...

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Opportunity Zones: COVID-19 Updates & New Planning Opportunities

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Opportunity Zone ProgramThe opportunity zone program was created through the passage of tax reform in 2017, also known as the Tax Cuts and Jobs Act (P.L. 115-97). Over $10 billion dollars have been deployed into qualified opportunity zone investments. While the investment has slowed, COVID-19 and...

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Family Wealth Planning Strategies In A Time Of Uncertainty

The full impact of COVID-19 is unknown. While we wait for questions to be answered many are asking what can we do right now? What’s next for our families? What's next for family businesses and the people who work for them? Planning for our future generations is the greatest gift we can give, particularly during times of uncertainty.

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What Plan Sponsors Need to Know About Layoffs & Partial Plan Terminations

The U.S. unemployment rate reached 14.7% in April, its highest level since the Great Depression, as companies looked to cut costs amid the coronavirus pandemic. While downsizing the workforce can help companies remain afloat, plan sponsors need to understand how these decisions could affect their retirement plans.

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How to use a HSA for Retirement

Written By: Dan Chodan, CPA

Health Savings Accounts (HSAs) are more tax advantageous than traditional retirement accounts because of the triple tax benefit of tax-free contributions, earnings, and withdrawals for qualified medical expenses.  Once you reach the age of 65, you can take money out of your HSA for non-healthcare expenses penalty...

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FAQ about Health Savings Accounts (HSA)

What is a HSA?

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How Is My Farm Sale Taxed?

The Answer: Depends. Each sale is unique.

Sorry, this is probably not the simple answer you were hoping to read.   Below are some general questions you should ask yourself when selling your farm.
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