Blog - Cromwell Tax and Books

Now easier to qualify for a penalty-free retirement distribution

Date19 Jun 2020

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The CARES Act provided taxpayers with the option to take penalty-free coronavirus-related withdrawals of retirement funds of up to $100,000 in the aggregate between January...

Rule Change for the PPP!

Date05 Jun 2020

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In the tradition of having a major tax law change every few days during 2020, Congress has now passed the PPP Flexibility Act and the...

Stimulus Check by Prepaid Debit Card

Date27 May 2020

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The Treasury recently announced that nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The...

California Unemployment – more benefits are coming

Date26 May 2020

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Increased Pandemic Unemployment Assistance (PUA) benefits The EDD recently announced that as of May 20, the EDD is now able to increase the weekly benefit...

I got PPP money and EIDL money… now what?!

Date21 May 2020

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When the pandemic hit, many nervous business owners applied for everything that they could to keep their businesses afloat. Now they are seeing random amounts...

Worksheet for Calculating PPP forgiveness

Date17 May 2020

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On May 15, 2020 the SBA released a worksheet for calculating PPP loan forgiveness. Note: this worksheet does not provide any more official guidance or definitions...

Refund of Room and Board that was paid with a 529 plan. What do I do with the money?

Date12 May 2020

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[UPDATED] The IRS released Notice 2020-23 which extends the deadline for returning refunds to the 529 plan for taxpayers impacted by COVID-19. For any recontribution...

Last Chance to get Direct Deposit of your Stimulus Check

Date09 May 2020

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If you want your stimulus check to arrive soon and by direct deposit, you need to update your information in Get My Payment by noon...