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The American Rescue Plan Act provides sweeping relief measures for eligible families and businesses

Keith Orr

Posted By: Keith Orr

Posted March 17, 2021 / No comments

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive

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The American Rescue Plan Act has passed: What’s in it for you?

Robert Tighe

Posted By: Robert Tighe

Posted March 11, 2021 / No comments

Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPA

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Not disclosing all of your assets helps no one

Robert Tighe

Posted By: Robert Tighe

Posted February 27, 2021 / No comments

People sometimes keep assets hidden without letting their families know about their location or even that they exist. Similarly, they may have life insurance policies no one knows about. Using a fictional example, here’s why full disclosure of your assets to your family is recommended. George was a successful entrepreneur. He accumulated significant wealth during

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Did you make donations in 2020? There’s still time to get substantiation

Timothy King

Posted By: Timothy King

Posted February 27, 2021 / No comments

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What is required To support a charitable

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What are the tax implications of buying or selling a business?

Keith Orr

Posted By: Keith Orr

Posted February 26, 2021 / No comments

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications. Two ways to arrange a deal Under current tax law,

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PPP revisions target smallest businesses

Robert Tighe

Posted By: Robert Tighe

Posted February 25, 2021 / No comments

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules

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Now or later: When’s the right time to transfer your wealth?

Keith Orr

Posted By: Keith Orr

Posted February 11, 2021 / No comments

To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition. In other words, you should make gifts now to take advantage

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2021 tax calendar

Robert Tighe

Posted By: Robert Tighe

Posted February 3, 2021 / No comments

To help you make sure you don’t miss any important 2021 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for  February 1

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The power of the tax credit for buying an electric vehicle

Timothy King

Posted By: Timothy King

Posted February 2, 2021 / No comments

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger vehicles

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Updated guidance on the employee payroll tax deferral

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 29, 2021 / No comments

In late January, the IRS updated Notice 2020-65. It provides guidance regarding an executive memorandum signed last summer that allowed employers to defer the withholding, deposit and payment of certain payroll tax obligations in 2020. The update reflects the changed deferral rules contained in the Consolidated Appropriations Act (CAA). A brief history On August 8, 2020, a

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