Succession Planning Strategies
An important aspect of tax planning for any business owner is succession planning. Implementing the best strategy for your business, family, and tax savings can be a daunting process. To aid you in your succession [...]
The New Child Tax Credit
The American Rescue Plan Act was passed in March of this year, and includes changes to the Child Tax Credit (CTC) which will provide additional benefits for many taxpayers and their children. Prior to the [...]
Answers to Your Questions on the Second PPP Loan
Am I eligible? You are eligible to apply for your first PPP loan in 2021 if: Your business was operational before February 15, 2020 Your business is still open and operational You have no more [...]
Transferring Family Assets to Minors
For 2020, an individual can gift up to $15,000 to another person in a year without needing to file a gift tax return. Gifts in excess of the $15,000 limit are tracked through gift tax [...]
COVID Relief Bill: Key Provisions
On Monday, December 21, Congress released relief bill text also known as Consolidated Appropriations Act, 2021 which contains 5,593 pages and has been long awaited by taxpayers. This legislation has many provisions to aid businesses [...]
PPP Loan Audits: Who Might Be Audited & What to Expect
The CARES Act created the Paycheck Protection Program (PPP) in March 2020, and since then, nearly 5 million small businesses received loans through this program. PPP loans were especially attractive to business owners because the [...]