We're already digging into the 880-page stimulus bill, that we're sure you've heard rumors about, so we wanted to quickly let you know some more first-blush details.
>>Cashflow Loans - Be VERY careful rushing into these things without guidance, as this section seems to indicate that they don't want someone taking the money out of the business for personal use. Since many small business owners use the S Corp structure and take some payment in salary and some in distribution, exactly HOW this will get handled is unclear.
>>Net Operating Loss Carryovers - If your business is struggling and you will have a loss this year, we can take those losses, amend previous returns and get MASSIVE refunds for your business on tax already paid.
This is a complete change from the existing code, where you could only carry losses forward.
You will want someone in your corner for this, so don't rely on any "hype" you see in the media about this bill. Talk to a professional to get the help you need. 816-220-2001 https://www.afitonline.com/p/proactive-tax-planning
