By: sistoadmin | December 1, 2021
The IRS’s backlog since the start of the COVID-19 pandemic has been extraordinarily difficult for tax professionals to work with. To add some context, according to the IRS’s Taxpayer Advocate, as of May 2021, the IRS: Still had over 30 million returns requiring manual processing, which represents roughly 20% of all returns filed to that … Continue reading IRS Account For Individuals (1040 Filers Only)
The S&P 500 hit new all-time highs again in the third quarter as investors looked past a resurgence of COVID-19 cases in the U.S. and instead focused on the positive combination of a resilient economic recovery, ongoing historic support from the Federal Reserve, and strong corporate earnings.
The impact of missing just a few of the market’s best days can be profound, as this look at a hypothetical investment in the stocks that make up the S&P 500 Index shows. Staying invested and focused on the long term helps to ensure that you’re in position to capture what the market has to … Continue reading The Cost of Trying To Time the Market
The S&P 500 rose to another record high during the second quarter as a substantial decline in U.S. COVID-19 cases combined with a near-total economic reopening across the country led a surge in economic growth that helped stocks rally to new highs over the past three months. The S&P 500 had a strong start … Continue reading Stocks Hit New Highs as the Pandemic Recedes
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“the Act”). This latest round of stimulus legislation is a $1.9 trillion package intended to address the extraordinary impact of the coronavirus pandemic over the past year. The Act adds $7.25 billion in new funding for the Paycheck Protection Program (PPP). It also … Continue reading American Rescue Plan Act of 2021 / Income Tax Return Filing Deadlines
When the Paycheck Protection Program (PPP) was rolled out earlier this year, it was clear that using the PPP funds for their intended purpose would result in the forgiveness of the debt. It was also made clear that the forgiveness would not result in taxable income, as would normally be the case. It was not … Continue reading IRS Clarifies Position on Deductibility of PPP Expenses…Ouch!
It’s natural for investors to seek a connection between who wins the White House and which way stocks will go. But a look at history underscores that the outcome of an election is only one of many inputs to the market.
2020 continues to be one of the most unpredictable years in memory, as markets rose to new all-time highs in the third quarter despite a resurgence in coronavirus cases, as stocks rallied thanks to a combination of even more accommodative Fed policy, hopes for a COVID-19 vaccine and a stronger-than-expected economic rebound, before markets declined … Continue reading A Historic Market Recovery
We hope that this letter finds you safe and healthy during these unprecedented times. Markets staged a historic rebound in the second quarter driven by an initial peak in the growth of coronavirus infections in April, economic reopenings across the United States and the rest of the world, hopes for a COVID-19 vaccine, and continued … Continue reading A Historic First Half of 2020
Paycheck Protection Program Flexibility Act of 2020, softening some of the harsh requirements business owners were required to meet in order to have their PPP loans forgiven.