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Chris Edwards Provides Insight in CPA Practice Advisor Article on How to Help Clients Sell Their Business

By Business Tax, News, Tax Planning & Consulting

On Monday, September 13, 2021, House Ways and Committee Chairman Richard Neal released the first draft of the House Democrats’ tax legislation (including both tax increases and tax relief) they expect to consider as part of the budget reconciliation process, intended to fund key programs under President Biden’s “Build Back Better” program.

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The Employee Retention Credit: Update for the Restaurant Industry

By Business Tax, Credits & Incentives, Insights, Tax Planning & Consulting

On Monday, September 13, 2021, House Ways and Committee Chairman Richard Neal released the first draft of the House Democrats’ tax legislation (including both tax increases and tax relief) they expect to consider as part of the budget reconciliation process, intended to fund key programs under President Biden’s “Build Back Better” program.

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House Ways and Means Committee Summary of Democratic Tax Proposals as of September 14, 2021

By Business Tax, Insights, Tax Planning & Consulting

On Monday, September 13, 2021, House Ways and Committee Chairman Richard Neal released the first draft of the House Democrats’ tax legislation (including both tax increases and tax relief) they expect to consider as part of the budget reconciliation process, intended to fund key programs under President Biden’s “Build Back Better” program.

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3 Tax Considerations for Helping Your Client Sell Their Business

By Business Tax, Insights, Tax Planning & Consulting, Valuation Acceleration & Exit Planning

After 18 months of economic uncertainty, many business owners who were forced to put their business sale plans on hold are now ready to go forward. It’s critical for CPA’s to understand how they can best support their clients through the process of selling their business. Here are three important considerations for helping your clients through this process.

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Green Book Tax Proposals Include Large Potential Changes to U.S. Tax System

By Business Tax, Insights, Tax Planning & Consulting

On May 28, 2021, the Biden administration released its fiscal year 2022 budget proposal, and on the same day the Treasury Department released its highly anticipated “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (“Green Book”), which provides additional details around the administration’s tax proposals as well as new provisions.

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SBA Clarifies Need Assessment for Second Draw PPP Loans and New Rules for Schedule C Filers

By Business Tax, Insights, Tax Planning & Consulting

On March 3, 2021, the Small Business Administration (SBA) released new FAQs related to the Paycheck Protection Program (PPP) which incorporate the changes made to the program by the Consolidated Appropriations Act. Notably, the SBA updated FAQ 46 to assure businesses that all Second Draw PPP loan borrowers, because they must demonstrate a 25% reduction in gross revenues, will be deemed to have made the required good faith certification concerning the necessity of their loans.

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COVID Relief Package Expands the Employee Retention Credit, Permits Full Expensing of Business Meals and Extends Charitable Giving Incentives

By Business Tax, Credits & Incentives, Insights, Tax Planning & Consulting

The $900 billion COVID Relief Package, passed by Congress on December 21, 2020 and headed to President Trump’s desk for signature, contains a number of tax provisions to assist individuals and businesses, in addition to authorizing funding for second rounds of individual stimulus payments and PPP loans.

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Uncertainty Complicates 2020 Year-End Tax Planning

By Business Tax, High Net Worth Individuals, Individual Tax, Insights, Tax Planning & Consulting, Trusts & Estate Planning

As 2020 comes to a close, individuals and businesses are looking to carry out their year-end tax planning in a potentially changing political landscape. Although Vice President Joe Biden is expected to be sworn in as president on January 20, 2021 and Democrats have maintained control of the House of Representatives, the Senate remains undecided because of two run-off races in Georgia scheduled for January 5, 2021.

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