The US Small Business Administration (SBA) and Treasury on Tuesday published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less. That form, called the PPP Loan Forgiveness Application Form 3508S, can be used by borrowers that received a PPP […]
Archives for January 2021
Why The New 100%-Of-AGI Charitable Deduction Limit Isn’t Actually Good Tax Planning
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Oaktree’s Howard Marks says this tax proposal in the U.S. makes investing less attractive
U.S. Treasury Secretary nominee Janet Yellen reportedly said she would consider taxing unrealized capital gains — but billionaire investor Howard Marks said it’s not a practical plan and could hurt sentiment among investor. “I think that would hit sentiment. It would obviously make it less attractive to be an investor, all things being equal,” said […]
CPI inflation doubles to 0.6%
CPI inflation doubled in December to 0.6% from 0.3% the previous month. Rising transport costs, along with increases in the price of clothing and recreation items, fuelled the increase although the rate remains historically low and well below the Government’s 2% target. The Consumer Prices Index including owner occupiers’ housing costs (CPIH) 12-month inflation rate […]
Be smart with your IoT dollar
Where should you invest in IoT? It’s easy to say just throw money at your weakest areas or go and spend money without knowing about the payback. If we want to be a good steward of our resources, we need to be smart with our resources and specifically your money! Baseline, where are you, asks […]
Bullish with a Chance of Civil War
[embedded content] Subscribe! Join Downtown Josh Brown and Michael Batnick for another round of What Are Your Thoughts? On this week’s episode, Josh and Michael discuss the biggest topics in investing and finance, including: ►Stimulus Priced In? – Did the rocket higher in small caps and cyclical stocks signify all of the optimism about larger […]
Some individual taxpayers get relief from underpayment penalty
Certain individuals will not be subject to the Sec. 6654 penalty on the underpayment of estimated income taxes if the underpayment is solely attributable to the recent repeal of the excess business loss limitations, the IRS announced on Tuesday (Notice 2021-8). Sec. 461(I)(1)(B), which was amended by the Coronavirus Aid, Relief, and Economic Security (CARES) […]
Taxpayers need clarity on coordination of ERC and PPP loans
News Practice & Procedures By Alistair M. Nevius, J.D. After the recent enactment of the Consolidated Appropriations Act, 2021 (CAA 2021), P.L. 116-260, taxpayers who obtained loans under the Paycheck Protection Program (PPP) are also eligible to claim the employee retention credit (ERC) but need guidance on how the provisions interact. The AICPA on Friday […]
Rockefeller’s latest wirehouse grabs: 3 teams, $1.7B in assets
Rockefeller Capital Management has drawn three more wirehouse teams into its fold — this time from Merrill Lynch and Morgan Stanley. In one of the first recruiting grabs of the year, Rockefeller brought on 10 advisors managing more than $1.7 billion in client assets into its private wealth management division, which now numbers 44 teams, […]
PPP calculations guidance released
The U.S. Small Business Administration (SBA) and Treasury issued an 18-page document Tuesday detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also lists the documents borrowers must provide to support each set of calculations. The release came after SBA and Treasury issued […]