For certain discretionary trusts, distributions paid within 65 days after year end can, with the trustee’s election, be treated in whole or in part as if paid in the previous year. This election is referred to as the “65-day rule.” Making beneficiary distributions under the 65-day rule may allow for significant tax savings due to...
To our valued clients, The U.S. Small Business Administration (SBA) recently announced a major update to the COVID-19 Economic Injury Disaster Loan (EIDL) program (click here to read the press release). As of the week of April 6, 2021, the maximum loan amount for COVID-19 EIDLs will increase to $500,000. Under the CARES Act, the...
On Wednesday, March 17, the Internal Revenue Service (IRS) announced an automatic extension of the federal income tax filing due date for individuals. Individual returns for the 2020 tax year are now due on May 17, 2021, rather than the standard date of April 15, 2021. In last week’s news release, the IRS stated their...
For certain discretionary trusts, distributions paid within 65 days after year end can, with the trustee’s election, be treated as if paid in the previous year. This election is referred to as the “65-day rule” election. Making beneficiary distributions under the 65-day rule may allow a trust to realize significant tax savings due to the...
To Our Clients and Friends: At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also...
Abeles and Hoffman, P.C. is pleased to announce the promotions of Charles Franz, CPA, Brad Indelicato, CPA, Greg Diekhoff, and Jacob Maret, CPA. Franz and Indelicato have been promoted to senior tax manager. They have been with the firm since 2009 and 2007, respectively. Diekhoff has served on the Abeles and Hoffman team since 2017...
There are only a few days left to go before the year ends, but here are some actions to take before the end of the year to potentially improve your tax situation for 2020 and beyond. Consider President-elect Biden’s proposals. As the year comes to an end, it is hard to predict what, if anything,...
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the forgiveness of loans from the Paycheck Protection Program (PPP). Background The Coronavirus Aid, Relief, and Economic Security (CARES) Act established the PPP program to support...
Abeles and Hoffman, P.C. is pleased to announce the addition of Christopher Goodwin, CPA to their professional team. Goodwin joins the firm as a senior tax associate. He brings with him nearly four years of valuable tax accounting experience. “It is a pleasure to welcome Chris to the Abeles and Hoffman team,” said Ron Abeles,...
Abeles and Hoffman, P.C. is pleased to announce the addition of Jack Gilbert Barrett III to their professional team. Barrett joins the team as a Tax Supervisor. He brings seven years of experience, most recently as a Tax Manager. “I am very excited to welcome Jack to the Abeles and Hoffman team,” said Ron Abeles,...