family-office-other-hnw-matters

ALERTS & ARTICLES/

FAMILY OFFICE & OTHER HNW MATTERS

Oct

23

2020

Compare and Contrast: How the Republican and Democratic Tax Plans Differ

With the presidential election fast approaching, many people are paying 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 major impact on […]


Jun

15

2020

Changes Made to PPP Loan Forgiveness Rules

The Paycheck Protection Program Flexibility Act, signed into law on June 5, 2020, attempts to address many concerns expressed by the small business community around the Paycheck Protection Program (PPP) aimed at providing COVID-19 relief. The law provides major concessions and guidance for PPP borrowers who desire to qualify for forgiveness of the loans. Download […]


Jun

05

2020

CARES Act Retroactively Postpones Limit on Excess Business Losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows for the retroactive postponement of, and changes to, the limits on excess business losses. The provision applies to individuals, trusts, and estates who own (or may own in the future) a business directly or as a partner or shareholder in an S corporation. Download PDF […]


Apr

03

2020

SBA Accepting Paycheck Protection Program (PPP) Loan Applications Starting Today

Under the CARES Act, the federal government expanded a loan program to businesses to cover employee payroll, mortgage interest, rent, and utilities expenses. A prominent feature is that all or part of the loan is potentially forgivable, provided funds are used for specific purposes. Sufficient documentation to substantiate the application is required. Who can apply? […]


Apr

02

2020

Federal Government Passes Major Stimulus Bills

Two major pieces of legislation – the Families First Coronavirus Response Act and the CARES Act – have been passed to help individuals and businesses during the coronavirus (COVID-19) outbreak. Here is our summary of highlights from both pieces of legislation. Download PDF > 1) The Families First Coronavirus Response Act (FFCRA) Among other things, […]


Feb

05

2020

Spending bill extends tax breaks, adds retirement account provisions

In late December 2019, the President signed into law the Further Consolidated Appropriations Act, 2020 (“FCAA”). The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019. Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. As […]


Nov

11

2019

IRS Issues Additional Guidance on Bonus Depreciation Rules

November 11, 2019 The IRS recently released final regulations for the first-year 100% bonus depreciation deduction, in addition to another round of proposed regulations. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year by 20%, […]


Feb

14

2018

New Partnership Audit Regime Now Effective

Most eyes have been on the implications of the tax reform signed into law last December, but it’s not the only tax legislation to introduce significant changes. The Bipartisan Budget Act of 2015 changed how partnerships were to be audited, and those changes are now effective this year. Why Is This Happening? The Bipartisan Budget […]