Year-End Tax Update
Jonathan Ciccotelli, CPA, MT, from Meaden & Moore will discuss the importance of how having the right tax strategy will help your family business navigate this time of historic disruption and put you on the right track as a new year begins. His discussion will include:
Payroll Protection Program Loans Planning & Reporting - Impact of otherwise deductible expenses for which loan forgiveness is anticipated or provided by the SBA.
Federal Tax Developments with regards to The CARES Act -For businesses we will review this recently enacted legislation as to the impact on net operating loss carrybacks, improved deductibility of business interest expense, qualified improvement property eligible for bonus depreciation, modification to corporate cash charitable contributions, and acceleration of corporate minimum tax credits.
With regards to individuals we will review the recovery rebate credit, penalty free withdrawals for Coronavirus – related distributions from qualified plans, waiver of required minimum distributions for 2020, impact of SECURE Act on inherited non-spousal IRAs, and modifications to charitable contributions.
Tax Policies of President Elect Joseph Biden- Here we will explore what the tax policy for President Elect Biden may look like during his term given the balance of power in the House and Senate. We will address tax matters of importance regarding corporate, individual, social security, carried interests, tax credits, itemized deductions, qualified business income deduction, estate and gift, healthcare, housing, education, and tax planning considerations
This quarterly forum is generously facilitated and sponsored by Conway Service Provider Meaden & Moore.