Many companies that were approved for the Paycheck Protection Program (“PPP”) have already received the loan disbursements and we expect many more awaiting funds to receive them over the next few weeks. The most attractive feature of the Paycheck Protection Program is the loan forgiveness. In order to take advantage of this feature, we recommend that companies should prepare to use these funds in a way that will maximize the loan forgiveness amount. Here we provide a list of actions to help do this.
You may have questions about how the changes to the tax code will affect your personal tax return this year. Some of the changes may be beneficial, while others may have some extensive effects on your return. Knowing the changes and how best to maximize your investments will smooth the way into tax planning season. Will the changes in tax code change the way you prepare your personal tax return? Here’s what you need to know as we go into tax planning season.
Big news for small business—if you have shares of stock in a company valued at less than $50 million, you might be eligible to exclude over $10 million in taxes when sold. Qualified small business stock, or Section 1202 stock, can save you millions on your personal tax return. If you suspect you have left millions of dollars on the table at tax time, talk to an experienced accountant about using this exclusion next year or pursuing an amendment for a refund. Among our many integrated advisory services, Stableford Tax offers Tax Planning to help evaluate potential exclusions such as this on personal tax returns.
Family office wealth management helps you plan ahead for upcoming taxes, as well as significant life changes before they happen. As your family office partner, Stableford is by your side through the good and bad events, advising on the best tax planning strategies to protect your family’s wealth. Ultra high-net-worth families are especially prone to major effects of change, so it’s important to be prepared. That is simply part of our integrated advisory approach.