Tri Star Management Group

Please talk to your tax accountant before withdrawing retirement funds so you there are no tax surprises for either of you!

COVID Tax Tip 2022-162:Important info for people considering making early withdraws from retirement funds COVID Tax Tip 2022-162:Important info for people considering making early withdraws from retirement funds Internal Revenue Service (IRS) sent this bulletin at 10/24/2022 11:59 AM EDT IRS Tax Tips October 24, 2022 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releas...

https://www.gofundme.com/f/periodsdontstop-supporting-girls-in-tanzania

Flaviana Matata is a client of mine with a huge heart for underprivileged girls in her native Tanzania. She has a public charity (Flaviana Matata Foundation, FMF) and has raised money, as well as contributed time, effort and her own funds, to help end the cycle of poverty. This year has been especially difficult due to Covid. If you can help at any level it will be a blessing. Remember, charitable contributions are deductible in 2020 even if you do not itemize! Happy Thanksgiving!

#PERIODSDONTSTOP: Supporting Girls in Tanzania, organized by Burnett New York Imagine you’re a young girl working on your education. You’re motivate… Burnett New York needs your support for : Supporting Girls in Tanzania

Check this out:
https://tax.thomsonreuters.com/news/tax-policy-outlook-uncertain-as-key-senate-races-head-to-runoff/

Tax Policy Outlook Uncertain as Key Senate Races Head to Runoff

NEWS RELEASE
Release Date: October 9, 2020
Release Number: 20-81 S. FL
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SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less

WASHINGTON— Yesterday, the U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” said Secretary Steven T. Mnuchin. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” he continued. “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process.”
“Nothing will stop the Trump Administration from supporting great American businesses and our great American workers. The Paycheck Protection Program has been an overwhelming success and served as a historic lifeline to America’s hurting small businesses and tens of millions of workers. The new form introduced today demonstrates our relentless commitment to using every tool in our toolbelt to help small businesses and the banks that have participated in this program,” said Administrator Jovita Carranza. “We are continuing to ensure that small businesses are supported as they recover.”
SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.

Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.¬

Small Business Administration We support America's small businesses. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business.

Happy Boss's Day! A little token of appreciation for our wonderful, caring, amazing, inspiring, diligently hardworking, and faith-driven boss. Thank you for everything you do!
From your team at Tri✨Star

https://www.irs.gov/newsroom/treasury-irs-and-labor-announce-plan-to-implement-coronavirus-related-paid-leave-for-workers-and-tax-credits-for-small-and-midsize-businesses-to-swiftly-recover-the-cost-of-providing-coronavirus

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave | Internal Revenue Service IR-2020-57, March 20, 2020 — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse the...

https://view.e2.aicpa.org/?qs=f733162be939fe99541438a0a48b43007c76fa33df9a86c460493fe97a16a89d10616a881eabc9d292ba6de65286ff63ce71d1feb11450b94c772cbcae51615069c361abaa060609f119e6b108fba847

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https://www.journalofaccountancy.com/news/2020/mar/regulators-clear-way-for-loan-modifications-amid-coronavirus-pandemic.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=22Mar2020&utm_content=button

Regulators clear way for certain loan modifications amid pandemic A move by regulators to ease certain restrictions for borrowers in good standing will facilitate loan modifications linked to the coronavirus pandemic. But borrowers will need to act fast to secure relief while still in good standing with their lenders, which has been defined as being less than 30 d...

https://www.irs.gov/newsroom/five-steps-taxpayers-can-take-now-to-protect-against-identity-theft

Five steps taxpayers can take now to protect against identity theft | Internal Revenue Service Tax Tip 2020-30, March 4, 2020