Resources

5 Strategies for High-Income Taxpayers to Consider in Preparation for Potential Tax Increases

Have you considered that potential tax increases might be on the horizon? Regardless of who wins the elections this November, with rising deficits at the state and federal levels, government spending skyrocketing, and revenue dropping due to the COVID-19 pandemic, we can assume that taxes will go up in coming years. We can also assume that the likely focus for generating this additional tax revenue is the wealthy.

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Unique IRA Opportunities for 2020 as a Result of COVID-19

As hard as it has been financially for many individuals, the year has provided some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020.

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Why It’s Important to Keep and File IRS Notice 1444

The IRS is mailing all recipients of economic impact payments, commonly referred to as stimulus checks, a copy of Notice 1444 that provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received.

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Are You Leveraging the Biodiesel and Alternative Fuels Tax Credit?

Many companies use alternative fuels in their operations, such as utilizing propane for their forklifts, but they may not be aware of the Biodiesel and Alternative Fuels tax credit. While the credit expired in 2017, Congress resurrected it in December 2019 and made it retroactive for 2018 in Notice 2020-8. The current legislation has this tax credit set to expire after 12/31/2020, unless Congress extends the date again.

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The IRS Provides Additional 2020 RMD Rollover Relief

Normally, RMDs are not allowed to be rolled over, but because the CARES Act waives the requirement to take a 2020 distribution, these distributions are not treated as RMDs for 2020, rather are considered distributions that are eligible to be rolled over.

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Guidance on the PPP Loan Forgiveness Revised Forms

On June 16 and 17, 2020 the Small Business Administration (SBA) released revised loan forgiveness application forms and also provided additional guidance for a few provisions under the Paycheck Protection Program (PPP) loans. We believe further guidance may be forthcoming; however, the following information will be helpful as borrowers begin the process of applying for loan forgiveness.

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Cray Kaiser Employee Spotlight: Dan Swanson

In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be more proud of the team we’ve grown and we’re excited for you to get to know them. This month we’re shining our spotlight on Dan Swanson.

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What Is the Paycheck Protection Program Flexibility Act of 2020?

Congress has continued to legislate for the small business community, specifically targeting the Paycheck Protection Program (PPP) loans. On June 3, 2020, the Senate approved House Bill 7010 which is commonly referred to as the Paycheck Protection Program Flexibility Act of 2020. This bill provides some flexibility to small businesses in complying with the terms of the PPP loan. A few key features of this bill are summarized below.

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It’s Finally Here: Guidance on PPP Loan Forgiveness

The Small Business Administration (SBA) released guidance on May 22, 2020 specifically related to the loan forgiveness piece of the Payroll Protection Program (PPP) loan. Although we received a glimpse of this guidance in the most recently released loan forgiveness application there were some new developments that we will clarify below.

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