Insights

  • June 2021 Tax Updates

    June 29, 2021

    ACA Update On June 17, 2021, a decision was rendered by the Supreme Court in CALIFORNIA, ET AL. v. TEXAS, ET AL. The challenge to the constitutionality of the Affordable Care Act was denied, leaving the law intact. Advance Payment of Child Tax Credit Starting in July, the IRS will begin issuing advance payments of the temporarily […]

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  • Corporate tax proposals outlined in Biden’s proposed infrastructure plan

    April 1, 2021

    Yesterday President Biden released details on an infrastructure plan known as the American Jobs Plan. As part of this, the Made in America Tax Plan was also released; this is designed to fund a significant portion of the infrastructure initiatives. Tax reform contained in this release focuses only on corporate measures (although Biden has committed […]

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  • 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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  • 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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  • What could the new tax legislation mean for you?

    December 1, 2017

    The House recently passed the Tax Cuts and Jobs Act, and on November 28, the Senate budget committee passed their version of the bill. Now, the two Chambers will need to reconcile any differences to produce one version. Legislation of this magnitude has not been seen in more than 30 years, and there is pressure to […]

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