Tax

YEAR-END TAX PLANNING FOR BUSINESSES

As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since Read More…

YEAR-END TAX PLANNING FOR INDIVIDUALS

As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and relief granted under Read More…

BIPARTISAN INFRASTRUCTURE BILL PASSES & RECONCILIATION BILL FRAMEWORK STATUS

On Friday November 5th, the US House of Representatives passed the Infrastructure Investment and Jobs Act (H.R. 3684). There are very few tax provisions in this legislation, with more vast changes expected in the upcoming budget reconciliation bill currently under consideration by Congress. Under the new legislation comes the end of the employee retention credit Read More…

SBA ANNOUNCES CHANGES TO THE EIDL PROGRAM

On September 8, 2021, the SBA announced major changes to the Economic Injury Disaster Loan (EIDL) Program.  New COVID EIDL policy changes include the following: Maximum loan cap increased from $500,000 to $2 million Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and Read More…

TAX PROPOSALS FROM THE BIDEN ADMINISTRATION & CONGRESS

      This article has been superseded by this update:  BUILD BACK BETTER ACT PASSES THE HOUSE OF REPRESENTATIVES Original 9/3/21 Article: The Biden Administration’s 3-part economic recovery plan proposal is known as the “Build Back Better agenda”.  It has evolved quite a bit of the last few months but this is how it Read More…

C-CORPORATION, S-CORPORATION OR PARTNERSHIP; WHICH ENTITY MAKES THE MOST SENSE FOR YOUR BUSINESS?

The choice of entity is among the most important decisions facing business owners when starting a business or investment activity. The choice of tax entity generally includes a C-Corporation, S-Corporation or Partnership, each having its own advantages and disadvantages that must be evaluated in terms of how the entity’s tax and legal characteristics align with Read More…

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