The Consolidated Appropriations Act (CAA) extends, liberalizes and expands the Paycheck Protection Program (PPP). Originally established by the CARES Act, the PPP expired on August 8, 2020. Now the CAA resurrects it. Here are the most important things small businesses should know from this section of the new law. What’s the Tax Impact of Forgiven PPP…
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Important Tax Figures for 2021
The following table provides some important federal tax information for 2021, as compared with 2020. Some of the dollar amounts are unchanged and some changed only slightly due to inflation. Social Security/ Medicare 2021 2020 Social Security Tax Wage Base $142,800 $137,700 Medicare Tax Wage Base No limit No limit Employee portion of Social Security 6.2%…
Are You Thinking About Selling Your Business?
The COVID-19 pandemic has put unprecedented stress on private business owners. Some are now considering selling their businesses before Congress has a chance to increase the rates on long-term capital gains. Before putting your business on the market, it’s important to prepare it for sale. Here are six steps to consider. 1. Clean Up the Financials…