If you are approaching retirement age, currently age 65 according to the Federal government, you should know about your Medicare options and the many accompanying rules and exceptions.
Who Gets Medicare Part A and Part B Benefits
If are already getting Social Security benefits, you will automatically receive Medicare Part A and Part B benefits starting the first day you turn 65. (If you’re under 65 and have a disability, you will automatically get Part A and Part B after you receive benefits for 24 months.)
When you are automatically enrolled you will receive a red, white and blue Medicare card in the mail 3 months before your coverage begins.
If you are approaching age 65 and do not yet receive Social Security benefits, you will need to sign up for Medicare by contacting them three months before you turn 65.
What is Medicare Part A and Part B?
Part A … Read More
PPP Loan Forgiveness Update
Although Congress clearly intended for the PPP to be tax-free, the IRS did not follow congressional intent. A month after Congress created the PPP last spring and provided that forgiveness of loans under the PPP should not result in taxable cancellation of indebtedness income for the recipients, the IRS ignored congressional intent by issuing a notice saying that the expenses funded by each such a loan should become nondeductible the moment the loan is forgiven — thereby resulting in exactly the same net tax costs for loan recipients as would have been the case if Congress had not exempted the forgiveness of the loans from tax.
Last week the IRS issued Revenue Ruling 2020-27 saying that even if a taxpayer’s PPP loan has not yet been forgiven … Read More
Getting Close to Retirement? Start Considering Your Medicare Benefit Choices Now
Who Gets Medicare Part A and Part B Benefits
If are already getting Social Security benefits, you will automatically receive Medicare Part A and Part B benefits starting the first day you turn 65. (If you’re under 65 and have a disability, you will automatically get Part A and Part B after you receive benefits for 24 months.)
When you are automatically enrolled you will receive a red, white and blue Medicare card in the mail 3 months before your coverage begins.
If you are approaching age 65 and do not yet receive Social Security benefits, you will need to sign up for Medicare by contacting them three months before you turn 65.
What is Medicare Part A and Part B?
Part A … Read More
New EZ Paycheck Protection Program (PPP) Loan Forgiveness Form
The EZ form still requires borrowers to do calculations and provide documentation, but not as much as the full form. (Note that borrowers still need to save documentation for proof of certifications.)
Who can use the EZ PPP Forgiveness form?
The EZ form can be used on any size loan if the borrower can affirm one of the following:
- The borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the PPP Loan application and did not include any employee salaries in the computation of average monthly payroll in the Borrower Application Form (SBA Form 2483).
- The borrower did not reduce annual salary or hourly wages of any employee by more
… Read More