I've worked with hundreds of Realtors over the years to reduce their IRS tax bite and gain control over their finances. Many find it hard to manage cash flow when closings and commission income fluctuate up and down.
But COVID times aren't 'normal times'; financial challenges have intensified.
Here's the good news: late this week both the SBA and the IRS came out with guidance on the new Paycheck Protection Program. ("PPP 2.0")
Do you want an infusion of tax-free cash, from a 'loan' that potentially will be 100% forgiven ?!!?
Here's a quick overview of PPP 2.0:
- If you participated in PPP 1.0, you can now take a second ride with PPP 2.0
- If you didn't take PPP 1.0, you have advantages as a first time borrower with PPP 2.0
- It's easier for agents (most of whom are small businesses, sole proprietors, or self employed '1099' taxpayers) to apply and get access to tax free cash than ever before
- Additional types of expenses now qualify for 'forgiveness' under the new PPP
- Money has been set aside specifically for small businesses. The big dogs and big banks won't get the preferential treatment they enjoyed with the original PPP program
To see more details, and discover how you might take advantage of the new program, I posted a new YouTube video which outlines PPP 2.0
I trust you'll find this important information helpful! If you have questions or need more details feel free to contact me at jim@anchortaxrelief or 757-346-1040.
Jim Flauaus, EA
Enrolled to Practice Before the Internal Revenue Service
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