Taxation of PPP Loan Forgiveness

In early 2020, many of you took advantage of the Paycheck Protection Program (PPP) that the Coronavirus Aid, Relief and Economic Security (CARES) Act created. As we approach the end of 2020, one very important item to keep in mind are implications of the PPP loan that you may have received. When the U.S. Congress … Continued

President-elect Joe Biden’s Proposed Tax Plan

President-elect Joe Biden has proposed a tax plan that could lead to significant changes in current tax law. While these tax changes would need to be passed through Congress, here are some highlights of what has been proposed. Individuals: Proposals for taxpayers with income over $400,000 include increased tax rates, increased payroll taxes, decreased itemized … Continued

General Tax Strategies for Business Owners

Special 100 Percent Bonus Depreciation—Under the TJCA, businesses are able to deduct 100% of the cost of new OR used business assets purchased and placed in service beginning on Sep. 27, 2017 if they have a useful life of 20 years or less. The 100% deduction is only available through 2022 and is phased down … Continued

General Tax Strategies for Individuals

Timing of Income To the extent that you can smooth income and not jump into a higher bracket, you will pay less tax. Under the current tax rates and brackets, individuals will be in the 37% tax bracket when their income reaches $518,401 (single) / $622,051 (joint). There is an advantage to timing your income … Continued

2020 Year-End Tax Planning Letter

Dear Clients and Friends, This year has brought a host of challenges to both individuals and businesses. As the year closes, we want to highlight a few tax-relief provisions Congress has enacted and suggest planning ideas that might help you lower your tax liability. Coronavirus Aid, Relief, and Economic Security Act (C.A.R.E.S. Act) Tax Items … Continued

Federal Reserve takes additional actions

“The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.” The April 9th, 2020 press release from the … Continued

COVID-19 SBA Resources

In these challenging times, we’re working to identify and understand the resources available to provide businesses with assistance. Informational Posters Employee Rights Under the Families First Coronavirus Response Act U.S. Small Business Administration SBA Disaster Assistance in Response to the Coronavirus The Three Step Process: Disaster Loans U.S. SBA Fact Sheet – Economic Injury Disaster … Continued

Tax Relief provided by the CARES Act

We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. We’d like to update you on the … Continued

2019 Year-End Tax Planning Letter

2019 Year-End Tax Planning Letter Dear Clients and Friends, Although it has been almost two years since we have seen any major tax changes, there are a few changes for 2019 (and some prior year changes we are still getting used to) that you may want to consider as you plan for the end of … Continued

Protecting Our Loved Ones as They Age

As our loved one’s age, they become more vulnerable to financial abuse and potential fraud.  One of the best ways to ensure their protection is to document their wishes in advance and have a plan in place that is known by both their family and their trusted advisors. We hope you find the checklist helpful … Continued

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