Changes to retirement plans from Covid and states.

There are few things that I like more than Net Operating Losses (NOLs), but it seems that the love is not widely shared. When the TCJA was passed, there were two notable changes to NOLs; the deduction got limited to 80% of taxable income, and it took away the NOL carryback. Due to COVID, one tool used to help get money into taxpayers' pockets is to delay the change in tax law and allow NOLs from 2018-2020 to be carried back five years and suspends the 80% limitation, yay! If

You got a PPP loan, so now what? When you applied for the loan, you were probably informed of the expense that the loan could be used to pay for; if not, see below: Covered operations expenses: Payment for any business software or cloud computing service that facilitates any of the following: Operational costs Product or service delivery Processing, payment, or tracking of payroll expenses HR Sales and billing functions Accounting or tracking of supplies, inventory, records,