Dec 22, 2020 | COVID-19 Response, Firm Updates
On December 21, 2020, the U.S. Senate and House of Representatives voted to approve the Consolidated Appropriations Act of 2021. Sec 272 of Subtitle B – COVID-related Tax Relief Act of 2020 in the Act confirms the payment of $600 for each taxpayer ($1,200 if...
Dec 22, 2020 | COVID-19 Response, Firm Updates
On December 21, 2020, the U.S. Senate and House of Representatives voted to approve the Consolidated Appropriations Act of 2021. The legislation added direction for a simplified application for Paycheck Protection Program (PPP) covered loans up to $150,000. Sec 307 of...
Dec 22, 2020 | COVID-19 Response, Firm Updates
On December 21, 2020, the U.S. Senate and House of Representatives voted to approve the Consolidated Appropriations Act of 2021. The legislation ensures tax deductibility for business expenses paid with forgiven Paycheck Protection Program (PPP) loans, as well as...
Dec 21, 2020 | Firm Updates, Individual Tax, Tax Tips
The purpose of the kiddie tax is to prevent the abuse of transferring income-generating assets to your children in order to benefit from lower tax rates. Per the Internal Revenue Service, the kiddie tax applies if: The child has unearned income, such as interest and...
Dec 10, 2020 | Firm Updates, Tax Tips
President-Elect Joe Biden has proposed reducing the lifetime estate and gift tax exclusion. Whether you should act now to preserve the larger current exclusion depends on your personal situation. The lifetime estate and gift tax exclusion is higher than it has ever...
Dec 2, 2020 | COVID-19 Response, Firm Updates
On April 30, 2020, the IRS released IRS Notice 20-32 which provided guidance that the expenses used to document and earn forgiveness for the Paycheck Protection Program (PPP) loan would be considered nondeductible for tax purposes, as discussed in our firm update from...
