03 June

What does Biden’s tax proposal mean for you?

To fund a family and economic security initiative, President Joe Biden outlined a proposal for individual tax increases totaling $1.5 trillion. While much of the proposal is consistent with what he delineated during his presidential campaign, there are several noteworthy differences. Biden’s major tax increase proposals include: Raising the top individual rate to 39.6% Raising the top capital gains rate …

16 December

Confused about CARES loans? Clarification from the IRS on the Tax Treatment of PPP Loans

PPP Background: Anticipating the economic consequences of the COVID-19 pandemic, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March. As a result of this passage, the Payment Protection Program (PPP) afforded a significant loan to small businesses. In its initial stipulation, Congress assured that, in addition to forgiving the principal amount of the loan …