The tax policy changes proposed by the Biden administration would roll back many of the tax benefits provided by the Tax Cuts and Jobs Act (TCJA) enacted at the end of 2017. The most significant proposals include increasing the federal corporate income tax rate to 28% from 21%, raising the top personal income tax rate […]
The Paycheck Protection Program (PPP) of forgivable loans has officially re-opened this week due to the new guidance recently issued by the U.S. Small Business Administration (SBA) and United States Treasury. First-time borrowers and second-time borrowers are now eligible to apply for additional assistance under specific guidelines. The PPP loan portal will re-open to PPP […]
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals and provide […]
An Individual’s Tax Planning Highlights As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted […]
As the world continues to contend with the COVID-19 pandemic and its economic fallout, businesses are doing all they can to mitigate risks and plan for a recovery that’s anything but certain. The path forward will likely not be linear. Different regions, industries and business segments may be in different stages of recovery simultaneously. The […]
On November 7, the Associated Press called the presidential election for former Vice President Joe Biden. The House of Representatives will remain under Democratic control, but control of the Senate is somewhat less certain since the balance of power will be determined in January 2021 following a run-off election for two open Senate seats in Georgia. […]
The government’s annual cost-of-living adjustments (COLA) for 2021 have been announced by the Internal Revenue Service (IRS) and the Social Security Administration (SSA). The COVID-19 pandemic’s continuing impact on the U.S. economy contributed to relatively flat changes in the 2021 COLA amounts as U.S. economic deflation during the first half of 2020 impacted the COLA […]
Written in collaboration with Michael VanDeventer, CPA, Partner Many organizations still do not have formalized information technology (IT) policies and procedures in place that specifically address cybersecurity risks. Organizational data and assets are at constant risk as cyberattacks have become more frequent, sophisticated and targeted. In addition, amidst the ongoing pandemic, cybersecurity risk has only […]
The Small Business Administration (SBA) and the Treasury Department recently released an interim final rule entitled, “Treatment of Owners and Forgiveness of Certain Non payroll Costs.” This rule addresses important guidance related to PPP loan expenses eligible for forgiveness, owner-employee compensation, the eligibility of non payroll costs, including related party rents, and rent-related costs. The […]
Today, business leaders are faced with a highly complex market situation, the likes of which the world hasn’t experienced ever before. Long-standing market downturns, businesses having to shut their doors indefinitely, and an overall paradigm-shift in the way we live our day-to-day lives have all played into an incredibly volatile market situation that not all […]