Dogra CPA LLC

Tax Alert: Seize The Moment: Should The Wealthy Act Now On The $13.61 Million Tax Break Before It Expires In 2025?

The $13.61 million estate and gift tax exemption is set to expire at the end of 2025, but a lot of wealthy people aren't sure if they should take advantage of this significant tax cut now or wait until then.

The amount an individual can pass to beneficiaries free of gift and estate taxes is known as the exemption, and it will be about halved to about $7 million at the end of the next year under present regulations.

A Spousal Lifetime Access Trust (SLAT) is a powerful estate planning tool that can help married couples maximize the use of their estate tax exemptions. Here’s how you can use a SLAT to address the estate tax exemption expiration effectively:

See more…. https://bit.ly/3VnL5RW

Tax Alert: Changes to the Employee Retention Credit (ERC)– PPP Loan Recipients Now Eligible for the Credit

The (COVID-19) stimulus package signed into law by President Trump on Dec. 27 contains significant enhancements to the employee retention tax credit enacted under the CARES Act. The stimulus package clarifies that wages paid with PPP loans that are not forgiven may be qualified wages for ERC purposes retroactively. Previously, PPP loan recipients were not eligible for the employee retention credit (ERC).

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Tax Alert: Changes to the Employee Retention Credit (ERC)- PPP Loan Recipients Now Eligible for the Credit - DOGRA CPA LLC Tax Alert: Changes to the Employee Retention Credit – PPP Loan Recipients Now Eligible The (COVID-19) stimulus package signed into law by President Trump on Dec. 27 contains significant enhancements to the employee retention tax credit enacted under the CARES Act. The stimulus package clarifies th...

Federal Stimulus Alert: New PPP Loan Package Is Highly Expected Next Week

The congress is considering passing a new stimulus bill QUICK.

Timing: It will not be happening any earlier than Dec 9-11th. There is a potential to slip to Dec 18th. Things can always change!

Once the bill passes, Treasury & SBA will move very quickly to implement it.

It’s expected to have the same framework to calculate the loan qualification amount as previously used in PPP Round One. There may be an additional criteria: Small businesses with 25%-35% decline in revenue in 2020 with less than 300 employees.

The intent is survivability of small businesses. More details to follow soon!