• Tax Legislative Highlights, January 2021

    February 1, 2021

    Online Power of Attorney (“POA”) The IRS has announced that POA (Form 2848) and Tax Information Authorization (Form 8821) forms may be submitted online, easing burdens on taxpayers in a more virtual world.  See here for details and  here for FAQs. Form 1065 Updates, Including Schedule K-1 (Form instructions here) Tax Basis Partner Capital Accounts - Required […]

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  • Paycheck Protection Program (PPP) Updates

    January 13, 2021

    The Small Business Administration (SBA) has released borrower loan applications for the second round of PPP funding. The application window opened Monday (1/11) for community financial institutions that serve minority- and women-owned businesses. The SBA has said it will open the application process to all lenders in “a few days”. That date is still TBD […]

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  • Quickly Approaching Tax Deadlines Reminder

    There are two important tax deadlines over the next three weeks! Please see below for more information. Q4-2020 Estimated Payments Due January 15th, 2021 The final payment for 2020 estimated taxes is due this Friday, January 15th.   If you required additional tax planning, or need a revised copy of your vouchers or online payment instructions, […]

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  • Consolidated Appropriations Act, 2021

    December 29, 2020

    As the Consolidated Appropriations Act, 2021 (CAA, 2021 or the Act), the appropriations bill that includes emergency Covid-19 response and relief, has now been signed into law, we want to share a few relevant updates. Paycheck Protection Program (PPP) Business expenses paid with Payroll Protection Program (PPP) loans that will be forgiven are now fully […]

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  • Important Year-End Updates from Siegfried Advisory

    November 19, 2020

    Hello! As 2020 comes to an end, we wanted to share a few important year-end updates. Election Updates Pending the outcome of legal challenges brought by the campaign and supporters of President Donald Trump, with an inauguration on January 20, 2020, Joe Biden presumably will become the 46th President of the United States. The White House […]

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    October 26, 2020

    Tax planning is an exercise that many individuals visit with their tax advisors in the later months of each year to ensure that they are taking advantage of all of the potential tax opportunities that are available for their specific situation. This year, being an election year, throws a wrench in the typical considerations of […]

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  • 2016 Protective Refund Claim – ACA Taxes

    July 14, 2020

    Recent months have been punctuated by new legislation owing to continual shifts in the economic landscape. More changes could be on the horizon. The 2010 Patient Protection and Affordable Care Act (ACA) imposed a “shared responsibility payment” for individuals that did not maintain “minimal essential health coverage”. In 2017, the Tax Cuts and Jobs Act […]

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  • 2020 Estimated Tax Payments

    July 2, 2020

    The 2020 Q1 and Q2 estimated payment deadline is quickly approaching on July 15th, 2020. Many of you have already received your 2019 tax returns and 2020 estimates, and the rest are forthcoming. Typically, we set most clients up under a prior year safe harbor where 110% of prior year tax is paid in throughout […]

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  • PPP Loan Guidance Update

    June 9, 2020

    On June 3, 2020, the United States Senate passed the House version of the Paycheck Protection Program Flexibility Act (“PPPFA”). The PPPFA amends the original Coronavirus Aid, Relief, and Economic Security (“CARES”) Act to loosen restrictions placed on PPP loans, making them potentially more favorable for borrowers. The significant changes to the PPP loan program […]

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