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Among President Biden’s tax proposals is an increase in the long-term capital gain tax rate from 20% to the top ordinary tax rate (37% for 2021 or 39.6% for 2022) for taxpayers with adjusted gross income (AGI) over $1 million. At the time of the publication of this blog, it is unclear if this change, if enacted,…
From the beginning, the Small Business Administration (SBA) has struggled with making the Paycheck Protection Program (PPP) process easy for borrowers to navigate. One confusing question has been do businesses work through the SBA or through their lender to secure forgiveness? A new portal launched on August 4th by the SBA targets borrowers with loans…
A Roth IRA is a retirement savings account in which after-tax dollars are invested and both the earnings and the principal withdrawals become tax-free qualified distributions, when taken after reaching age 59 ½ and after the Roth account has been open for 5 years. While it’s often thought Roth IRAs primarily benefit young people, they…
Tax payment deadlines sneak up fast for most people. Many delay organizing their documents, postpone contacting their tax advisor, and then hope any potential tax balance due will be manageable. With some proactive tax planning you can reduce uncertainty, potentially minimize your tax liability, and better manage the tax cash flow needed to pay your…
As the world fights through a devastating pandemic, tax scams and schemes have not stopped. In fact, they have grown. No theme is too low for these nefarious designers of deceit. The IRS tracks and releases a list of the most prominent scams each year. Taxpayers and tax professionals should know them well and how…
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