At the end of 2020, Congress passed and President Trump signed a new law that provides for additional relief related to the COVID-19 pandemic. The Consolidated Appropriations Act, 2021 (CAA, 2021) includes a second draw of Paycheck Protection Program loans (PPP2 loans) and it also finally overruled the IRS and allows businesses to deduct ordinary and necessary expenses paid from the proceeds of PPP loans. Let’s take a look at who’s eligible for a PPP2 loan, the terms of the loans and when to apply.
Legendary musician Prince died on April 21, 2016 without a will. As a result, it created one of the largest and most complicated probate hearings in his home state of Minnesota’s history. The Internal Revenue Service is claiming that the executors of Prince’s estate have undervalued the estate by 50%, or about $80 million. The IRS determined that Prince’s estate is worth $163.2 million, well above the $82.3 million valuation submitted by the estate’s administrator, Comerica Bank & Trust. No will, no estate plan and a vast difference of opinion among valuation experts. Let’s look behind the curtain at how this is playing out.
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Maryland Comptroller Peter Franchot announced extended filing and payment deadlines for certain state business and individual taxes and quarterly estimated income tax returns and payments.
The social and economic impact of the COVID-19 pandemic continues to rage on, wreaking havoc on countless businesses and their employees. As individuals look for possible solutions to their cash flow challenges, they may turn to their retirement plans as a source of funding.
President Trump signed the bill into law on December 27, 2020. Well, it’s hot off the press and it’s 5,593 pages long. It’s impossible to cover everything in the latest COVID-19 relief bill - called the Consolidated Appropriations Act, 2021 - so we are concentrating on Divisions M & N of the bill involving updates to the CARES Act. Let’s look at the highlights.
The year ahead could bring major tax changes for businesses and families. President-elect Joe Biden talked about several big tax changes on the campaign trail. What we don’t yet know is how easy it will be for those proposed changes to become law.