Quarterly News
OCT/NOV | 2020
E.J. Callahan & Associates Updates:
Fall Career Fairs: The team at EJC participated in a number of local college and university virtual career fairs in September. Check out this highlight reel the team pulled together that was on display for the events.
Workplace Safety:

A recent survey highlights the current pandemic-related precautions businesses are taking and how they plan to address future office space needs:

The Tax Adviser:
Taking CARES Act Distributions from Qualified Plans:
The IRS explained on June 19 how qualified individuals can take coronavirus-related loans and distributions from eligible retirement plans (Notice 2020-50)


3 Ways to Save on Your Tax Bill Going Forward:

The tax deadline was July 15 this year, and if you found yourself paying the IRS more than you’d like, it’s time to focus on tax planning. There are moves you can make now to save on taxes in the future.


PPP Loan Forgiveness:
The U.S. Small Business Administration 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. You can access links to the new application, directions, and more here. 

Associated Builders and Contractor's (ABC) Backlog Indicator Rebounds in August; Contractor Optimism Strong

ABC produces the Construction Backlog Indicator, the only economic indicator that reflects the amount of work that will be performed by commercial and industrial construction contractors in the months ahead, and the Construction Confidence Index, a diffusion index that signals construction contractors’ expectations for sales, profit margins and staffing levels.
 
Updates on Tax Law Changes, Reporting, and Policies
Tax Changes and Key Amounts for the 2020 Tax Year
There is a long list of changes and adjustments for tax year 2020- many stemming from the CARES Act and SECURE Act . Many standard deductions and contributions also increased. As we close out this year, here is a summary of some of the key changes affecting you this year.