Greetings, As we approach year-end, I’d like to pass along this enclosed letter summarizing some of the key tax and financial considerations for this year. Like most everything else in 2021, year-end tax planning won’t be status quo due to the uncertainties of a continued global pandemic and complicated and ever-changing tax laws. We’ll also […]
Dear Clients and Friends, President Biden has signed into law the new economic relief package. This $1.9 trillion American Rescue Plan (ARP) provides a wide-array of tax-related benefits for individuals. Here is a look at the final version of the key tax provisions: Recovery rebates (Cash “stimulus payments”) The new maximum payment is $1,400 per
December 26, 2020 Congress finally passed the new Covid-19 relief bill earlier this week. Although the President has not signed it, the Payroll Protection Program (“PPP”) provisions of the bill are not expected to change. It includes a new round of Payroll loans (PPP), or PPP2 as it’s being called. PPP2 contains many similarities to the
December 3, 2020 A quick update hot off the press: I received information today from the AICPA, my industry trade group, that it’s a strong probability that Congress will pass PPP 2 very soon, this month: This round will be restricted to businesses with a 25-30% drop in revenue PPP 2 will have a similar
FYI – the state extended the application deadline through Sept 8 for up to 10k of rental assistance to small businesses (less than 50 employees) who can verify a loss of at least 30% in revenue since the previous year (see the link below for details). They removed the requirement that you couldn’t have received
Dear Clients and Friends, The President’s recent executive action called for a payroll tax deferral for employees effective Sept 1 through year end. Employers would stop withholding the 6.2% FICA (aka social security) portion on employee paychecks. To get the deferral, employees must earn less than $4,000 every two weeks (equates to $104,000 annual salary).
Dear Clients and Friends, I’d like to keep you informed about a few hot-topic tax developments that have occurred in the past week: New Employee Payroll Tax Deferral Scheme On August 8, 2020, President Trump signed an executive order deferring payroll tax obligations of employees. But what the heck does it really mean? Like many
Dear Clients & Friends, Yesterday the President signed a massive economic stimulus package to try and stabilize the economy. We will all have many questions, I am sure! At this time, I don’t have all the details but I wanted to share what information I do have. There seems to be something in the package