The House Ways and Means Committee has introduced the tax proposal connected to the budget reconciliation bill, the Build Back Better Act. While we are still digging through the almost 900 pages of legislation, here are some highlights of what is… Read More
State Tax Deduction Limitation Workaround for Owners of Passthrough Entities
By Neil McCarthy, CPA – Tax Manager at Lindsay & Brownell Background on the SALT Workaround Federal tax reform in 2017 established a limit, or “SALT cap,” on the amount of state and local taxes that could be deducted by… Read More
CARES Act PPP Loan Forgiveness
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized $349 billion in forgivable federal loans (“PPP loans”) to small employers to provide incentive to keep employees with an additional $310 billion of funding on April… Read More
Tax Planning for Trusts and Estates
As 2020 comes to a close, it is important to consider estate and gift tax planning strategies and to closely review your estate plan. The article outlines the tax changes from 2020 to 2021 and discusses income tax and estate… Read More
New Excise Tax for Private Foundations
In this article, we will provide an overview of the annual minimum distribution requirements and the new excise tax on investment income for private foundations. Prior to 2019, private foundations had to pay an excise tax of 1 or 2… Read More
Technical Update 6/25/2020 – 5 Things PPP Borrowers Need to Do Now!
For small and midsize businesses struggling because of the coronavirus, the Paycheck Protection Program (PPP), included as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provided much-needed funding to cover necessary expenses. One of the chief benefits… Read More
Technical Update 5/13/2020
We are writing to update you on an important technical update with respect to the SBA Paycheck Protection Program (the “PPP”) SBA PPP Certifications: As hoped, the SBA this morning released some very helpful guidance, updating the FAQs to include… Read More
Technical Update 5/12/2020
We are writing to update you on some important technical considerations with respect to the CARES Act, and a periodic foreign filing deadline quickly approaching. SBA PPP Loans: May 14, 2020 is an important date in the administration of the… Read More
Operations Update 4/15/2020
We are writing to update you on the actions Lindsay & Brownell is taking with respect to the COVID-19 (Coronavirus) situation. Our highest priority is to protect the health of our employees and clients while continuing to deliver outstanding service…. Read More
Tax Update 4/10/2020
Property Tax Payments Today is the due date for the second installment of your 2019 -2020 property tax payments. The Assessor’s office has provided the following guidance for late payment relief. Many taxpayers have asked if we can postpone the… Read More
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