President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies, most of which were enacted by the Tax Cuts and Jobs Act of 2017 (TCJA). In response Biden has promised a progressive approach to taxation, focused primarily on increasing the burden on businesses and high-income individuals. … Continued
The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Individual income taxes Tax-bracket thresholds increase for each … Continued
Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their yearly search for ways to minimize their tax bills — and realizing that some of the typical approaches … Continued
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a … Continued
As part of the Nation’s response to the economic impacts of COVID-19, the Payroll Protection Program (PPP) was enacted as part of the CARES Act, which provided $350 billion in loans to assist businesses with payroll, rent, interest, and utilities payments. The original funding was exhausted quickly, and the PPP received an additional $310 billion … Continued
The President has signed the Paycheck Protection Program and Health Care Enhancement Act, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security … Continued
The General Ledger, Edition 1, February 21, 2020 A Message From Our Managing Partner… As we enter a new decade, HTB celebrates serving the communities for 95 years. The one constant since 1924 is that our focus remains solidly upon our team members and our clients. We carefully select, train, develop and coach our professionals … Continued
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional … Continued
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the Act) to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic. The Small Business Administration (SBA) received funding and authority through the Act to modify existing loan programs and establish a … Continued
The Small Business Association (SBA) has released a sample application and information fact sheet for the Payroll Protection Program Loans (PPPL). The PPPL are available starting on Friday, April 3 for businesses and Friday, April 10 for self-employed individuals. They are available to businesses and 501(c)(3) nonprofits with less than 500 employees. The loans are … Continued
