Idaho “SALT” Cap Workaround

IDAHO – State And Local Tax (“SALT”) Cap Workaround Idaho passed legislation allowing for a SALT Cap workaround beginning in the 2021 tax year. In the past, many taxpayer’s were able to include all of their State and Local Taxes (“SALT”) as an itemized deduction. The Tax Cuts and Jobs Act (TCJA) limited the SALT…

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Oregon “SALT” Cap Workaround

OREGON – State And Local Tax (“SALT”) Cap Workaround Oregon passed legislation allowing for a SALT Cap workaround beginning in the 2022 tax year. In the past, many taxpayer’s were able to include all of their State and Local Taxes (“SALT”) as an itemized deduction. The Tax Cuts and Jobs Act (TCJA) limited the SALT…

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State And Local Tax (“SALT”) Cap Workaround

State And Local Tax (“SALT”) Cap Workaround Many states are passing legislation which allows for a SALT Cap workaround. Background: Taxpayers can deduct the larger of the Standard Deduction or their Itemized Deductions on their individual tax return. Itemized deductions include charitable contributions, mortgage interest expense, medical expenses over 7.5% of their Adjusted Gross Income (“AGI”)…

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New PPP Loan Forgiveness Rules

New PPP Loan Forgiveness Rules ! The House passed a bill earlier this week, and the Senate just passed it last night (Wednesday), modifying and relaxing the PPP forgiveness rules. The President is expected to sign the bill into law soon. The key changes in summary are: Spending period is now 24 weeks (extended from 8 weeks) Payroll…

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CARES Act Free Money for Small Businesses and Non-Profits

  Message to Small Business Owners and Non-Profit Executive Directors – I wanted to tell you about a program related to the Act Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. This act provided an estimated $2 trillion package to assist individuals and businesses with the economic impact of the Coronavirus impact. There are two…

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The New FLSA Overtime Rules Do Not Have to Mean Higher Wage Costs

Update…  11/23/2016.  Yesterday, a Federal court in Texas put a temporary injunction on the new law. 21 states had been contesting the bill, which was consolidated into a single suit claiming the Department of Labor did not have the authority to make this large change. This action doesn’t reverse law, but only puts the implementation…

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