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31Mar 20

Small Business Interruption Loan

These are SBA 7(a) loans that have been authorized for the SBA to lend to small businesses as part of the Coronavirus Aid, Relief and Economic Securities (CARES) Act. Any…

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31Mar 20

Paycheck Protection Program (PPP)

This is an SBA loan that helps businesses keep their workforce employed during the COVID-19 crisis. Lenders may begin processing these loans as soon as April 3, 2020 but has…

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31Mar 20

Waiver of required distribution rules.

Required minimum distributions that otherwise would have to be made in 2020 from defined contribution plans and IRAs are waived. This includes distributions that would have been required by April…

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31Mar 20

Recovery rebates for individuals.

To help individuals stay afloat during this time of economic uncertainty, the government will send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns.…

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21Mar 20

Families First Coronavirus Response Act

The President has signed the Families First Coronavirus Act (HR 6201, the "Act") intended to ease the economic consequences stemming from the novel coronavirus disease (COVID-19) outbreak by providing family…

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21Mar 20

An Update from us on COVID-19

As COVID-19 continues to impact our communities, here at Newsom And Associates, we wanted to touch base with you and share what we are doing from our end. As information and…

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29Nov 19

Bunching Deductions into 2019

As you may know, TCJA significantly increased the standard deduction for all taxpayers. This means that many individuals who previously received a tax benefit by itemizing deductions no longer do,…

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29Nov 19

Mortgage Interest Deduction

If you sold your principal residence during the year and acquired a new principal residence, the deduction for any interest on your acquisition indebtedness (i.e., mortgage) could be limited. The…

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