The Consolidated Appropriations Act provides much needed stimulus and tax relief for businesses hard hit by the COVID-19 pandemic. This article examines two of the provisions that business owners likely will be most interested in: the $284 billion in funding for forgivable loans through the Paycheck Protection Program (PPP), for both first-time and so called “second-draw” borrowers, and the extension of the Employee Retention Credit.  

Business owners who have been affected by the COVID-19 pandemic may be concerned about the ability to pay taxes on time or to pay a delinquent tax debt. Fortunately, it may be possible to obtain relief from harsh IRS penalties and other consequences of the tax collection process, provided action is taken soon. This article offers tips on how to avoid IRS penalties.

Many people view a second marriage as a fresh start and a new chance at happiness. However, before taking another walk down the aisle, it’s critical to take the time to review and, if necessary, revise one’s estate plan. This article provides answers to three key questions one should consider when getting remarried.

These brief tips explain how qualified small business stock can help attract investors; detail proposed IRS regs related to the $10,000 limit on itemized deductions of state and local taxes (SALT); explore how making a “net gift” may reduce gift tax; and explain why hiring your children for your business can save taxes.