The US House and Senate have passed a new stimulus bill which has been signed by the President. The new stimulus bill is over 5,500 pages in length. This article will deal with the provisions involving the PPP (Paycheck Protection Plan). The new bill contains provisions dealing with the deductibility of expenses paid with PPP funds. There is little coverage in the press regarding such provision. When the PPP program was first approved, it provided that the loans would be eligible to be forgiven by the SBA and that the forgiveness would not create taxable income. Soon thereafter, the IRS
More Legal News & Information... →The Treasury Department and the Internal Revenue Service issued final regulations on November 22, 2019, confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 through 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. The final regulations largely adopt the proposed regulations from last year. The final regulations also contain four examples which illustrate the impact of inflation adjustments. Individuals who are planning to make large gifts between 2018 and 2025 can make such gifts without concern that they will lose
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