1031 exchange is a tax deferral strategy that allows real estate investors to defer taxes when they exchange one investment property for another. Thus, giving investors an opportunity to save cash and strategically grow their investment portfolio. The Biden Administration proposed a tax law that would eliminate this tax deferral strategy for capital gains over…

UPDATE: On September 13th, the House Ways And Means Committee released a legislative draft altering the tax proposals set forth in the American Families Plan outlined in this post. Click here to learn about these changes. President Biden’s proposed American Families Plan would make significant changes including a capital gains tax rate increase, elimination step-up…

Paycheck Protection Program (PPP) The Paycheck Protection Program was first established under the CARES Act in March of 2020 and provides forgivable loans to small businesses affected by the pandemic. The loan is eligible for full forgiveness if 60% is used on payroll costs and the other 40% is used on authorized expenses during the…

More than 100,000 small businesses have closed due to COVID-19. There is more to closing a business than laying off employees, selling office furniture, and closing the doors. Owners of closing businesses must take certain actions as required by the IRS to fulfill your tax obligations. For example, if your business has employees, you must…