The President has proposed many changes to income (individual and corporate) and transfer (estate and gift) taxes. Biden has expressed general support for repeal of the Tax Cuts and Jobs Act of 2017 (TCJA), but he hasn’t specified exactly what he means by this support. For purposes of this discussion, we will take a look at the Democratic proposals that, if implemented, are most likely to have an adverse impact on our clients.
The $900 billion coronavirus relief bill extends and modifies many provisions of the CARES Act, providing support and economic relief to help individuals and businesses through the continuing pandemic Businesses Paycheck Protection Program (PPP): The bill provides additional funding of $284 billion for PPP to provide forgivable loans to first […]
Earlier this year, New Jersey passed the Pass-Through Business Alternative Income Tax (“BAIT”) Act, effective for tax years beginning on or after January 1, 2020. The new tax act is considered a “work around” for the loss of itemized deductions related to state income taxes paid. Prior to the TCJA […]
The “Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”) in December 2019, introduced a number of new rules and provisions that have a significant impact on retirement and estate planning for individuals with tax-deferred retirement accounts, such as an IRA or 401(k). As a result, the new […]
The pandemic has been a harsh reminder that life is unpredictable and can change at any moment. This global health crisis has had a significant impact – physically, mentally, and financially – on all of us. Unfortunately, we all know someone who has lost a family member, friend, co-worker or […]