The COVID-19 Relief Bill: What Business Owners Need to Know Heading into 2021

By WealthCounsel Staff on Jan 8, 2021 10:15:40 AM

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On December 27, 2020, President Trump signed into law H.R. 133, the Consolidated Appropriations Act, 2021 (the Act). Included among the Act’s nearly 5,600 pages are provisions related to COVID-19 pandemic relief. Key tax provisions include: (1) Paycheck Protection Program (PPP) updates, including the allowance of deductions for qualified expenses paid for with PPP loan proceeds that are subsequently forgiven, the extension of the program, the introduction of “second draw” PPP loans, and the expansion of eligible expenses for which PPP loan proceeds can be spent; (2) the extension of paid sick and family leave and family credits for wages paid through March 31, 2021; and (3) the extension of the employee retention credit under the Coronavirus Aid, Relief, and Economic Security (CARES) Act through June 30, 2021.

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Carpe Diem (Again): No Time Like The Present to Transfer Family Wealth

By Kevin Quinn, JD on Oct 23, 2020 10:00:00 AM

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Right now may be the best time in a generation for significant family wealth transfers. The combination of a difficult recession, a low interest rate environment, the very real probability of future legislative change, and perhaps most importantly, a deep need for shared family wealth has created a perfect opportunity for families to transfer significant wealth.

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To Reopen or Not to Reopen? Businesses Grapple with Liability Concerns

By WealthCounsel Staff on May 29, 2020 10:22:17 AM

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After more than two months of being in lockdown due to the coronavirus, states across the country are slowly starting to reopen (see NYT's interactive map). With restrictions lifting, many businesses are itching to return to physical workspaces. But with federal, state, and local safety guidelines to contend with, resuming “business as usual” is just not possible (at least for the foreseeable future). 

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