Feb 28, 2021 | PPP Loans, Tax
The IRS analyzed the legislation authorizing Payroll Protection Program loan forgiveness and, while it found that the forgiven debt was not income, it also found that the expenses paid with the loan funds were also not deductible. It took legislation at the end of...
Feb 28, 2021 | Personal Finance, Tax
An installment sale can be a prudent tax strategy for someone who is selling property or an asset. In an installment sale, the seller receives at least one payment after the tax year in which the sale happened. Rather than receiving the total contract price for the...
Dec 17, 2020 | Business Financial Consulting, Tax
The IRS confirmed what many were hoping to be true regarding the States’ attempts at a “SALT Workaround”. The acronym for state and local tax or “SALT” became popular when The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. This legislation...
Dec 17, 2020 | Business Health, Investing, Tax
As the close of year 2020 is rapidly approaching, I’d like to mention a few tax planning thoughts that should be considered before year-end, assuming that the Senate changes hands before the start of the President Elect’s administration. Keep in mind that in order for...
Dec 17, 2020 | Personal Finance, Tax
The higher standard deduction enacted under the Tax Cut and Jobs Act and the economic impact of the Coronavirus are expected to have a significant impact on the ability of charitable organizations in our country to do their work, and in some cases survive. To provide...
Dec 17, 2020 | Business Financial Consulting, Tax
As we near the end of an unprecedented year, I wanted to touch upon one of the provisions the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted regarding qualified improvement property (QIP) and the “technical correction” (Revenue Procedure...
