Multiple Senators yesterday proposed a transfer tax on appreciated assets either during lifetime or at death. The details are grim for many farm operations if the Act ever gets into law.
The SBA issued two new Q&As on gross income for PPP loans. The guidance is clear that almost all partnerships may not use gross income to obtain a PPP loan.
The stimulus bill contains a provision that allows up to $10,200 of 2020 unemployment benefits to be tax-free. But if you filed your return already you will need to file an amended tax return.
