GRA News Blog | Gregory Ricks & Associates

The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program. The guidance in Notice 2021-20 echoes the information the IRS has already provided in its employee retention credit FAQs, but includes some clarifications and discusses the retroactive changes to the CARES…

While lawmakers have not yet agreed on the details of another coronavirus relief package, fresh $1,400 stimulus checks are expected to be included. For many Americans, eligibility for those relief payments may come down to a figure you hardly ever think about: your adjusted gross income. Whether or not you receive a payment depends on your…

Should I use my 401k to pay off my rental property? Gregory helps a caller who is thinking about dipping into his 401k to pay off his rental property to free up some monthly income. Do you have questions for Gregory? Press the ASK GREGORY below and your question could be featured next! ASK GREGORY We’re…

The controversy over the deductibility of payroll expenses by Paycheck Protection Program (PPP) loan recipients has finally been settled, less than a week before the end of the year. Deductibility is expressly provided for in the Consolidated Appropriations Act, 2021. That 5,500+ page legislation was passed by the House and the Senate on Monday, Dec. 21. President…

Filing early will also return refunds quicker The IRS is urging taxpayers to file their returns as quickly as possible this year, which is normally sound advice, unless you fall into a specific group of individuals that may find themselves out of a stimulus check. Lawmakers are considering legislation that would potentially dole out an additional round of direct…

Retirement savings accounts are governed by well-known rules on everything from income eligibility to contribution levels to the timing and size of withdrawals. But there are a number of financial-planning opportunities these accounts offer that often get overlooked because holders worry about taxes and penalties. While savers should be cautious about provisions that allow them…

Running out of money is the No. 1 retirement fear — annuities could help COURTESY EVERETT COLLECTION Annuities are neither good nor bad.But you wouldn’t know that given how most people, including financial planners, react when the product is discussed as a potential part of a retirement plan. Such products, critics say, are nothing but…

A lost wallet or data breach raises your risk of identity theft exponentially. If you’ve been the victim of one of these unfortunate scenarios, it’s a good idea to safeguard your personal information by freezing your credit. Credit freezes block unauthorized credit checks, which makes it difficult for criminals to open new accounts in your name and protects you…