Shows
We Make Money FunThe Employee Retention Credit (ERC) ExplainedShanna Tingom's guest today is Aaron Witten of Witten Financial. His firm specializes in helping businesses use the Employee Retention Credit (ERC) related to COVID. He's here to walk us through it.The ERC started with the CARES Act in April of 2020, but it was revised in December of 2020, and again under "Build Back Better" in February of 2021. The latest revision includes the language: “if your business was fully or partially impacted by a governmental shutdown order." This makes it easier for businesses with non-relative W2 employees to qualify. The affected "pandemic period" includes Q2, Q3, a...2022-10-1816 minWe Make Money FunAaron Blau Part 2In the second of our two part series with CPA Aaron Blau, we look at potential legislation under the Biden administration and what that could mean for you, your money, and your taxes.We start with a look back at the SECURE Act - how it raised the age for required minimum distributions and eliminated the so-called "Stretch IRA."Shanna asks Aaron what a potential "SECURE Act 2.0" could mean for RMDs and stretch IRAs going forward. We also look at potential changes to 529 Education Savings Plans, the so-called "step up in basis," and capital gains t...2021-08-1713 minWe Make Money FunAaron Blau Part 1In the first of a two part series, Shanna Tingom is joined by CPA Aaron Blau to talk about recent tax changes and how they can affect your bottom line.First, Shanna and Aaron cover the rules around retirement distributions during 2020 - what you could take out, under what terms you have to pay it back, and how it will affect your taxes.We also cover economic impact payments (EIP's) for personal, and the economic injury disaster loans (EIDL's) for businesses. While grant money is gone, loan money is still available under the right circumstances. Ne...2021-08-0319 min