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

Understanding and Maximizing your PPP Loan Forgiveness

The SBA has come out with SOME guidance on the key issues that will determine the amount of loan forgiveness that a company will earn. Note that, while many questions are now answered, several questions are yet to be clarified. May 1, 2020 UPDATE: Today the IRS has issued guidance clarifying the treatment of PPP … 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 and SBA Options For Self Employed Individuals

An SBA program for small businesses & the self-employed Self-employed individuals can start applying for this on Friday, April 10th, and there is a finite allocation of funds, so people that don’t respond in a timely fashion may find that it is too late to receive assistance at a later time. The PPP loan is … Continued

Letter to Clients – 3.31.2020

Dear Clients: Due to the far-reaching impact of COVID-19 and the resulting delay in the Federal tax filing/payment deadline, over the next several weeks our staff will be prioritizing those clients impacted by state filing deadlines that have not been extended. Additionally, many of our clients have reached out to us for guidance regarding 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

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