Archives for trump

New COVID Relief Bill Signed Into Law

December 22, 2020 | by | Comments Off on New COVID Relief Bill Signed Into Law

Richard A. Huffman, CPA, MST Tax Partner   The House and Senate passed the Consolidated Appropriations Act, 2021 (CAA, 2021) which is expected to be signed into law by the President. The CAA, 2021 bill includes the renewal and expansion of popular provisions in earlier COVID relief bills with the significant provisions summarized as follows: Paycheck Protection Program (PPP) forgivable loan expenses allowed as a tax deduction (overriding IRS ruling disallowing the deduction). Uncertainty remains whether California and other states will conform. Reopen PPP for first time borrowers who have not yet applied or who previously withdrew their application. Second
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Categories: Industry News and Newsletter and Updates.
Tags: accountant, accountants, accounting, accounting firm, business, ca, caa, california, certified public accountants, consolidated appropriations act, coronavirus, covid, covid relief, covid relief bill, covid19, cpa, cpa firm, firm, irvine, newsletter, oc, orange county, pandemic, ppp, ppp loans, small business, southern california, tax, tax deduction, tax firm, taxation, taxes, trump, wfy, wright ford young, and wright ford young & co.

Extraordinary Estate Tax Opportunity with the Tax Cuts and Jobs Act

January 10, 2018 | by | Comments Off on Extraordinary Estate Tax Opportunity with the Tax Cuts and Jobs Act

You may recall that President Trump promised to repeal the Estate and Gift Tax and their cousin, the Generation Skipping Tax.   However, the enacted version of the Tax Cuts and Jobs Act signed just before Christmas 2017, left these three taxes intact.   The outcome is surprising, given that the Republican Party has often condemned these taxes, and given that the House, Senate, and White House are all on the same side of the party divide.   Yet, complete repeal was not accomplished.   Thus, these taxes remain a huge liability for high net worth individuals and families. What the Act does accomplish
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Categories: Newsletter and Updates.
Tags: act, cpa, estate, estate planning, exemption, federal tax, gift, tax, tax cut, tax exemption, trump, wfy, and wright ford young.

Unified Framework for Tax Reform

September 28, 2017 | by | Comments Off on Unified Framework for Tax Reform

Republican lawmakers released on Wednesday a “unified framework” for tax reform designed to cut tax rates, simplify the Internal Revenue Code, and provide a more competitive environment for business. The key changes are as follows: Individuals: Current tax rates: Seven brackets from 10% to 39.6%. Proposed tax rates: Three brackets at 12%, 25% and 35%. Current standard deduction: $6,350 individuals and $12,700 married filing joint. Proposed standard deduction: $12,000 individuals and $24,000 married filing joint. Elimination of personal exemptions, worth $4,050 per person. Repeal of the alternative minimum tax. Repeal of the estate and generation-skipping transfer tax. Eliminate most itemized
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Categories: Industry News and Newsletter and Updates.
Tags: business, cpa, deductions, individual, tax, tax reform, trump, unified framework, wfy, and wright ford young.