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COVID-19-Related Relief Is Signed Into Law

Updated: January 7, 2021 On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (“The Act”). This was the fourth stimulus package passed in 2020 and comes after months of protracted negotiations. The Act contains numerous tax and nontax provisions and includes several extensions of popular provisions of earlier COVID relief…

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Posted in The Bottom Line, Featured Post, Estate Planning, General Business, Featured Content

Family business owners must weave together succession and estate planning

It’s been estimated that there are roughly 5 million family-owned businesses in the United States. Annually, these companies make substantial contributions to both employment figures and the gross domestic product. If you own a family business, one important issue to address is how to best weave together your succession plan with your estate plan. Rise…

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Posted in The Bottom Line, Featured Post, Small Business, Featured Content

The importance of S corporation basis and distribution elections

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can generally deduct your…

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Posted in The Bottom Line, Featured Post, Small Business, Featured Content

Do you want to withdraw cash from your closely held corporation at a low tax cost?

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” And it’s not deductible…

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Posted in The Bottom Line, Featured Post, General Business, Featured Content

Now more than ever, carefully track payroll records

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the

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