Congress: What We’re Watching

Over the past six months, we have seen nearly $2.7 Trillion in combined COVID-19 relief funding from Congress via the Families First, CARES, and PPP and Health Care Enhancement Act; however, many significant items remain unaddressed.

2020-09-09T17:41:35-04:00September 9, 2020|Categories: PBMares COVID-19 Insights, Tax: Business, Tax: Individual|Tags: |

Maryland Pass-through Entity Tax Election

A new State of Maryland allows pass-through entities (PTEs), including partnerships and S Corporations, to elect to pay the Maryland income tax due on both resident and non-resident owners’ share of the income from the PTE.

2020-09-09T10:46:04-04:00September 9, 2020|Categories: Tax: Business, Tax: Individual|Tags: , , |

DOL Issues Interim Rule on Lifetime Income Disclosure

(authored by RSM US LLP) The DOL’s lifetime income disclosure rule will increase costs and information required for benefit statements in defined contribution plans.

2020-08-26T08:56:01-04:00August 26, 2020|Categories: Retirement, Tax: Individual|Tags: , , |

$10,000 SALT Cap Continues to Receive Attention

One of the little-known provisions of the House of Representatives’ HEROES Act could have big impacts for high-income taxpayers and small businesses later on as tax policies continue to be reevaluated.

New Student Loan Rules Provide Great Benefits for Businesses and Individuals

The federal government has provided new tax savings opportunities for student loans in the CARES Act and the SECURE Act, both of which can help reduce the overall cost of paying down student loans.

2020-10-05T10:39:43-04:00May 29, 2020|Categories: PBMares COVID-19 Insights, Tax: Individual|

Business Benefits Available, Courtesy of the CARES Act

The historic $2.2 Trillion CARES Act provides several business tax benefits, some of which can quickly provide cash flow.

Forgivable Small Business Loans – How the $2 Trillion Stimulus Bill Can Help You

As business owners struggle with the effects of the coronavirus epidemic, Congress is on the precipice of enacting landmark legislation aimed at keeping the economy afloat over the next several months.

IRS Issues Tax Extension Guidance for Taxpayers

On March 13, 2020, the President of the United States issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease pandemic.

Tax Filing Deadline Extended 90 Days

This morning, the US Treasury Secretary stated “We are moving Tax Day from April 15 to July 15” on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”