The US Congress, currently controlled by the Democrats, is considering a slew of tax incentives and tax increases amid annual federal budget negotiations. A vote is pending on a $3.5 billion budget resolution, and while the Democrats are not keen to discuss proposed tax increases (which we’ll discuss soon), they are happy to trumpet possible tax incentives. One of which includes a potential tax credit on the purchase of US-made electric vehicles. So, what’s
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In my last eNewsletter, I specifically addressed how President Biden’s proposed tax plan would impact your personal finances. But the Biden administration is also looking to make significant revisions to the business tax code, too. And if you’re a business owner, you’re probably wondering how Biden’s plans will impact your business? At this point, Biden’s proposal is still just that, a proposal. But here’s a brief overview of the corporate tax revisions Biden hopes to
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  In my last update, I dove into the most recently passed COVID-19 stimulus bill — Officially dubbed the American Rescue Plan — specifically reviewing the key benefits this new package provides to individuals. Now, I’m shifting gears a bit to look at what the latest stimulus bill does for small businesses. It’s no secret the pandemic has ravaged a great many businesses. Countless operations have either been significantly scaled back or shuttered altogether. And sadly,
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  It’s that time of year again… The tax season is upon us! And with no indication of any reprieve — in the form of an extension on this year’s filing date — the Tax Man is looking for his due no later than April 15th. Which, of course, means it’s time to get your finances in order. But with the topsy turvy year that’s just passed us by, no one would be surprised if
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  The “final curtain” may not quite have fallen yet… But most appearances indicate Joe Biden is destined to be the 46th President of the United States. In my last couple of updates, I’ve covered how changes to the tax code under the Biden administration might impact your taxes. And again, “Might” is the operative word here… The President-Elect is facing a tough, uphill battle in hopes of passing ANYTHING in the Republican-controlled Senate. And
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  Following more than six months of sheer chaos, the world seems to be settling down a bit. Or course, concerns surrounding COVID-19, and its impact on the economy persist. But most folks are looking to regain some measure of “normality” (whatever that actually means going forward) in their personal and professional lives. In the meantime, a couple of important tax legislation revisions have emerged. And with the Presidential election looming, many are wondering what
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The IRS is Denying Deductions for Business Expenses Covered By PPP Funds, But Congress is Pushing Back With Proposed Legislation
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  When the coronavirus crashed headlong into our world, the only thing certain, was…well…uncertainty. A sentiment you’ve no doubt heard echoed on just about every media update since mid-March. Yet now, nearly six months later, the prognosis remains…well…uncertain. Some businesses are open, while others remain closed. Some businesses are approaching full operational capacity, while others remain significantly scaled back. The rise in unemployment has slowed, but new jobless claims continue to roll in. And still,
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