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Category: Taxation-Corporate

February 26, 2021

Paycheck Protection Program Revisions Target Smallest Businesses

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans. The PPP in a nutshell The CARES Act, passed in the early days of the COVID-19… Read more ›

February 22, 2021

The RELIEF Act of 2021: Tax and Stimulus Relief for Maryland Individuals and Businesses

Last week, Maryland Governor Larry Hogan signed The RELIEF Act of 2021, legislation which will provide up to $1 billion for stimulus payments, unemployment insurance, and grants and loans to individuals and small businesses in Maryland. The RELIEF Act will deliver the following in an effort to mitigate the impacts of the pandemic: One-time stimulus payments of $300 (individuals) or $500 (families) who filed for the Earned Income Credit in 2019. Qualifying Marylanders will have funds deposited directly into the… Read more ›

February 11, 2021

Employee Retention Credit – A New Benefit for Qualifying Entities Under the Consolidated Appropriations Act

If your business experienced a full or partial suspension of operations or suffered a significant decline in gross receipts for 2020 as a result of the pandemic, then you may be eligible to claim an employee retention credit. This payroll tax credit, which was previously unavailable to businesses benefiting from the Paycheck Protection Program, was made available to PPP loan recipients when the Consolidated Appropriations Act passed Congress in late December. The CAA made the credit available to qualifying entities… Read more ›

January 30, 2021

New Year Economic and Tax Outlook for Auto Dealerships

The new year is starting out with much new activity as President-Elect Joe Biden took office on Jan. 20, and the U.S. Senate run-off elections in Georgia resulted in two democratic wins, thus giving democrats majority control of the U.S. House of Representatives, the Senate, and the Presidency. With this majority, more items are likely to get accomplished in the President-Elect’s tax plan as reconciliation allows tax and spending provisions to move through without a super majority, unlike other non-budgetary… Read more ›

January 24, 2021

2021 Tax Calendar

To help clients make sure they don’t miss any important 2021 deadlines, Councilor, Buchanan & Mitchell has provided this summary of when various tax-related forms, payments and other actions are due. Please review the 201 tax calendar below and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for  February 1 Individuals: Filing a 2020 income tax return (Form 1040 or Form 1040-SR) and paying tax due, to avoid… Read more ›

January 11, 2021

How Can Your Business Benefit from the Consolidated Appropriations Act?

The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Let’s take a closer look at the provisions that are most likely to affect your company’s bottom line. Paycheck Protection Program The CAA includes another $284 billion in funding for forgivable loans through the Paycheck Protection Program (PPP), for both first-time and so… Read more ›

December 22, 2020

Congress Passes COVID-19 Aid Package Containing Billions in Funding and Tax Breaks

After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and now goes to President Trump to sign the bill into law. As of this writing on December 22, the President has expressed concerns about some aspects of the relief bill. Included in the nearly 5,600-page Consolidated Appropriations Act… Read more ›

December 6, 2020

Year-End Tax Planning Strategies Must Take Business Turbulence Into Account – 2020 Year-End Tax Planning for Businesses

PDF: Year-End Tax Planning Strategies Must Take Business Turbulence Into Account – 2020 Year-End Tax Planning for Businesses Please click the link above for a printable, PDF copy of the letter below.  We can all agree that 2020 is unlike any other year. As we consider tax-planning strategies for the year end, major uncertainty continues concerning the severity of the pandemic and length of the economic recovery. Although Congress passed two major pieces of legislation in response to the health… Read more ›

November 20, 2020

Consider Re-Evaluating Your Tax Plans Based on the Outcome of the Presidential Election

Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies. In response to the Tax Cuts and Jobs Act (TCJA), Biden has promised a progressive approach to taxation, focused primarily on increasing the burden on businesses and high-income individuals. Of course, his odds… Read more ›

September 30, 2020

Small Businesses: Are First-Year Depreciation Write-Offs Right for You?

Under today’s federal income tax rules, your small business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. But that strategy might not be right for every small business every year. Here’s what you should know before claiming 100% first-year bonus depreciation or first-year Section 179 deductions. First-Year Depreciation Breaks The Tax Cuts and Jobs Act (TCJA) included two generous first-year depreciation tax breaks for business taxpayers:… Read more ›