"Lead Fin Plan Nerd", | Dir. of Advanced Planning, Buckingham Wealth Partners | Relentless learner/educator | Dad x 3 + husband | Opinions are my own
27 Jul

Lots to digest in the R's latest stimulus proposal. Here are just a few of the more interesting tidbits w/ respect to the #PPP program (including a proposed PPP2):

(Note: Just a PROPOSAL at this point. Rs + Ds still need agreement before anything will get passed.

1) More...

expenses will be eligible uses for PPP proceeds (and eligible for forgiveness), including PPE and other expenses incurred to comply w/ COVID safety guidelines.

2) Borrower could choose covered period of their choice between 8 weeks and 12/31/20. I see this primarily as a...

way to allow biz owners to exhaust PPP funds, and then immediately furlough, terminate, etc. employees w/out impacting their forgiveness formula.

3) Loans under $150k (OVERWHELMING MAJORITY) would be automatically forgiven w/ borrower self-certification.

4) Wow... loans...
Read 7 tweets
23 Jun


TL/DR version: ALL unwanted 'RMDs' eliminated by the CARES Act taken in 2020 can now be returned up through August 31st.

Here's the text via IRS Notice 2020-51👇

And now for some more detail...…

Notice 2020-51 solves ALL the problems that people may have run into when trying to roll back unwanted 2020 'RMDs'.

First of all, the 60-Day window rollover window is extended to the later of 60-days after a distribution was received, or August 31st.✅

Next issue... the once-per-year rollover issue. Well, apparently, that's no longer an issue either. Notice 2020-51 says that the IRS will not count the rollover as a rollover for purposes of the once-per-year rollover rule.

To be clear, there is ABSOLUTELY NO LEGAL BASIS...
Read 7 tweets
19 Jun


🚨Breaking News🚨

The #IRS has just released Notice 2020-50 which provides new guidance for Coronavirus-Related Distributions and CARES Act-created Enhanced Plan Loans.

Will be tweeting while reading...

Full document:…

Quick note that both items addressed in this Notice related to relief provided to retirement savers under Section 2202 of the CARES Act (Full text:…)

OK, now let's get to the Notice. I quickly glanced and see it answers at least SEVERAL open Qs...

First big news from the Notice is an expansion of how an individual can qualify to be eligible for a Coronavirus-Related Distribution.

CARES Act explicitly defined a variety of ways an individual can become eligible for such a distribution... (see…)
Read 22 tweets
4 Jun

Alrighty then... Kids are asleep, and dinner is done. So time to breakdown Congress's latest 'gift' to small business owners, and the tax and financial planning community.

It's called the Paycheck Protection Program Flexibility Act (Full Text:…)...

Now unless you've been sleeping under a rock for the past 68 days (yes, that's the exact number of days it's been since the CARES Act was passed... though it feels more like 84 years to many of us), you've heard about the #PPP program and probably know the basics. But...

...if in fact you have been hiding under that rock, you can get the basics here:…
and, of course, here:…

But a word of warning, thanks to the new PPP Flex Act, a lot of that info is now outdated!
Read 31 tweets
13 May

Some MAJOR #PPP news to pass along. Earlier today @USTreasury updated the FAQs on its site (AGAIN!), by creating new Q&A #46.

In short, Q&A #46 creates a safe harbor for PPP loans of $2 million or less when it comes to the good-faith certification...…

Just to be clear, we're talking about the certification that a borrower must make that says:

"current economic uncertainty makes this loan request necessary to support the ongoing operations"

In short, Q&A #46 the safe harbor says that if you received a loan of...

...$2 million or less (including loans made to affiliated companies), the certification will be deemed valid. Period. End of story.

The logic behind this, per Q&A #46, is to "promote economic certainty" for borrowers and to...
Read 12 tweets
20 Apr
Hey all. I know many of you have been asking Qs about #PPP and other #CARESAct relief. And I know I haven't been able to answer them all.

Going to take next 45 minutes or so to answer some more.

So, tell me, What's Taxing Your Mind Today?

PLEASE ask w/ #WTYMT so I can filter!
No. The nature of your previous employment doesn't change the nature of the additional $600 amount the #CARESAct authorizes.

Simply put, if you're eligible for unemployment benefits under your state law, you'll be eligible for the $600 amount too #WTYMT

. @ManasaSogNadig I'm not an expert in visas, so I'm going to 'punt' on that part. But in terms of the rules for the #PPP, it explicitly excludes only those workers "whose principal
23 place of residence is outside of
24 the United States."

Read 11 tweets
3 Apr

#Breaking: Treasury has released Interim Regulations for the #PaycheckProtectionProgram

I'm about to review and break them down, but before doing so, I just want to quickly mention how incredible it is that @USTreasury got these out before tomorrow "Opening Day".


Note these Regs provide an IMMEDIATE INTERIM RULE, which means they are effective right away, despite not having undergone a (normally-required) comment period.

As a result, these are Regs which CAN be immediately relied on, but comments ARE requested for a 30-day period...

Money IS desperately needed by businesses now, so it makes sense that the Congress and the SBA are streamlining the application and underwriting process.

But it's also kind of amazing we're about to give about $349 BILLION out based on what is essentially the "honor system"
Read 17 tweets
26 Mar

OK, buckle your seatbelts, because this is about to be a wild ride!

The Senate has officially passed a $2 trillion relief package, which is actually $6 trillion when you count the loans, etc.).

Time to dissect this ‘puppy’…

First, a few comments about the bill, in general, starting with the page count.

The "Final" bill comes in at a whopping 883 pages, which is roughly 3 times longer than the bill Senate Majority Leader McConnel introduced last week

Now, let's talk about the bill in terms of dollars and cents. The main portions of the bill are estimated to cost about $2 Trillion.

To put that into perspective, it's about 10% of the entire US GDP, and could also buy every single #BTC in the world... about 15 times...
Read 58 tweets
18 Mar

Short thread on what we know, and what we don't know, so far, about #COVID19-related tax relief.

First, what we know for 'sure' (although even "sure" isn't 100% b/c nothing's in writing yet)...

Taxpayers owing $1 million or less have the ability to delay making payments...

for 2019 income tax liabilities for 90 days beyond the standard April 15, 2020 deadline.

The stated reason for the $1 million figure is that is would cover a "lots of pass-throughs and small businesses." Frankly, a tax bill of >$1 million covers the OVERWHELMING majority...

...of small biz owners.

We also know that taxpayers will not have to do anything special to receive this relief. They just have to file their tax return and the relief will automatically be applied.

The same relief applies to corps with a tax bill of $10 million or less...
Read 11 tweets
3 Jan
Thanks for putting up w/ me & waiting patiently😋

To get any of this, you need a basic understanding of new QCD anti-abuse rule. Basically, any QCDs are 'rejected' until total amount rejected = DEDUCTIBLE Trad'l IRA contributions made ≥ 70.5

Behold the glitch in the Matrix!🤓
TL/DR Version: By forgoing the Traditional IRA deduction to which one might otherwise be entitled, it's possible to "trade" pre-tax Traditional IRA money for after-tax Traditional IRA money. 🤷‍♂️

Our Tax Code is absolutely ridiculous!🤯
A few additional thoughts:

1) This is rough/not edited yet, so don't beat me up on spelling/grammar issues.

2) I'll have a LOT more to say about the anti-abuse rule and planning in a future article

3)👏#Fintwit! The GIF replies to original tweet are 🤣
Read 4 tweets
17 Dec 19

OK, kids are finally asleep, so it's time to nerd out on the SECURE Act for a little bit (i.e. the next few hours). Buckle up...

Let's start w/ the big news... the 'Death' of the 'Stretch'. In fairness, it isn't dying a complete death...

It's just that MUCH fewer people will qualify to be able to stretch distributions. Instead, most new (more on this in a bit) designated beneficiaries will have to empty inherited retirement accounts by the end of the 10th year following the year of death.

Notably, there will be no required minimum distributions during the first 9 years. Rather, whatever is left in the account just has to be emptied by the end of 10th year. This will be of help to a small number of beneficiaries, but hurts those who wanted to stretch.
Read 35 tweets