To our friends who are tax and estate planning professionals, we hope your year is off to a great start. We wanted to say happy new year,... but it's already February already. Yikes
Back in December, Eileen Sherr, director of the AICPA’s Tax Policy & Advocacy team, discussed in a podcast prospects for reversing by legislation the IRS’s position regarding deductibility of business expenses paid with loan proceeds from the Paycheck Protection Program (PPP) that are ultimately forgiven. Now, the legislation has been enacted by the Consolidated Appropriations Act, 2021 (CAA), P.L. 116-260, as outlined in Rev. Rul 2021-2. Here is Part 2 of the podcast.
If you want a 60-second version, here is a link to Bob Keebler's commentary.
Speaking of Bob Keebler, you might find his commentary on the potential for significant tax legislation increasing taxation of the wealthy now that the Democrats control both the House and the Senate.
On an unrelated note, there is an interesting (and short) article by an IRA guru, Ed Slott, January is the new December for charitable contributions. Mr. Slott discusses tax benefits of qualified charitable distributions to reduce the tax bill on a required minimum distribution, BUT only with the right timing -- hence the title, "January is the new December...."
Stay safe and healthy.
We do not provide legal or tax advice. You should consult their own legal or tax advisor. This information is intended for educational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services.
Cultivant team &