If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow, if you’re willing to tie up the funds long term, is to “roll over” the...
If a relative needs financial help, offering an intrafamily loan might seem like a good idea. But if not properly executed, such loans can carry negative tax consequences — such as unexpected taxable income, gift tax or both. In this article we share five simple...
If you support an eligible Arizona charity or school, taking advantage of state tax credits is an attractive way to lessen your pain as a taxpayer and help a worthy cause - at no net cost to you. Before we discuss the various credits and whom...
Let’s say you drive for a ride-sharing app, deliver groceries ordered online or perform freelance home repairs booked via a mobile device. If you do one of these jobs or myriad others that are similar, you’re likely a gig worker — part of a growing...
New Law Provides Welcome Modifications to PPP Congress has acted to change the Paycheck Protection Program (“PPP”) including to relax PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans....
Important PPP Loan Update: FAQ #46 Safe Harbor Guidance on Economic Uncertainty Certifications Additional guidance has been released related to how borrower’s certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional...
There have been several additional developments over the last few weeks regarding the Paycheck Protection Program (“PPP”). Even after these developments, many aspects of the PPP are still uncertain, including how the amount of the loan forgiveness will be calculated. The CARES Act was clear...
There have been additional developments over the last several days regarding the Paycheck Protection Program (PPP) and the only thing we can say with certainty is that more changes will come! See below for key May 7, 2020 deadline. The amount of PPP Loan availability has...
Any affected person with a federal income tax return due on April 15th will now have until July 15, 2020 to file their return. This is a change from a prior IRS announcement. Affected persons include individuals, trusts, estates, partnerships and corporations. There are...
Key Updates on Recent Legislation Business Legislation: The Family First Coronavirus Response Act requires certain size employers to provide paid sick leave as well as paid family and medical leave to employees. The government then provides a fully refundable credit against payroll taxes to offset the qualified...