Moore Financial Tips for Trying Times

USA Today Money June 20, 2020 Kelly Tyko More Americans are eligible to withdraw money from their retirement plans if they have been affected by COVID-19 , according to the IRS. The Internal Revenue Service announced Friday that it has expanded eligibility to "take into account additional factors such as reductions in pay, rescissions of job offers, and delayed start dates." The updated criteria, part of the CARES Act, also allows spouses or household members to take these distributions if someone in the home was affected. The Coronavirus Aid, Relief, and Economic Security Act has made it easier for Americans struggling with economic hardship from the coronavirus pandemic to withdraw money from their retirement accounts. The act allows investors of any age to withdraw as much as $100,000 from retirement accounts including 401(k) plans and individual retirement accounts this year without paying an early withdrawal penalty of 10%. They can avoid taxes on the withdrawal if the...

Forbes June 21, 2020 Alan Gassman PPP borrowers and their advisors are scrambling to determine how to manage their businesses and expenses to best facilitate loan forgiveness to benefit their businesses and employees. These two objectives are sometimes at odds, and the new 24-week testing period election, which most borrowers can meet, will have a powerful impact on business conduct.    Borrowers whose loans were assigned a loan number by the SBA on or before June 5 th can decide whether to elect to use an 8-week or a 24-week expenditure period in order to qualify for forgiveness. Borrowers whose loan numbers were assigned by the SBA after June 5 th must use a 24-week testing period. This decision does not need to be made by borrowers until the Application for Forgiveness is submitted, and most borrowers are well advised to consult with a CPA or other qualified advisor before turning in the forgiveness application. The Advantages of Using an...

CNBC Personal Finance June 24, 2020 Greg Iacurci Millions of small businesses have gotten federal aid to help weather the recession caused by the coronavirus pandemic. Despite that relief, many don’t expect to survive the crisis. Entrepreneurs who close their doors may be wondering if they’ll be on the hook if their business received a Paycheck Protection Program loan or Economic Injury Disaster Loan. “I think this will become one of the biggest issues [for loan recipients],” said Nick Oberheiden, a Dallas-based attorney. “I received the loan, I’m going out of business, now what happens to my loan liability?” Nearly a quarter of small businesses have considered closing their doors permanently because of Covid-19, and 12% are facing potential bankruptcy, according to a survey published last week by Small Business for America’s Future. Here’s a silver lining: PPP loans and disaster loans smaller than $25,000 have relatively favorable terms for borrowers, according to experts. And, in the...