The good news on SALT Parity keeps rolling in. Just days after California’s Governor signaled his support, New York Governor Andrew Cuomo followed suit and included our pass-through SALT Parity language in his 2022 fiscal year budget proposal.
Since 2018, deductions on state and local taxes (SALT) paid by pass-through business owners have been capped at $10,000. C corporations, on the other hand, are allowed to fully deduct these same expenses. In those states …
Talking Taxes in a Truck (Episode 7) – George Callas on Tax Outlook, Effective Dates for Estate and Capital Gains Taxes, and Super Bowl Prediction
George Callas, Managing Director of Government Affairs and Public Policy at Steptoe, joins the podcast to discuss the tax outlook under President Biden and the new Democratic Congress, including upcoming stimulus debate, health care reforms, and the possibility of estate and capital gains tax hikes, and when those might be effective.
Our latest “Talking Taxes in a Truck” podcast was recorded on January 12, 2021, and runs 29 minutes.
Editor’s Note: George would like to change his …
Congress is on the cusp of passing a truly bipartisan assistance package to help the families and employers through the last months (yeah vaccines!) of the COVID-19 pandemic. As part of this package, the entire business community and its Hill allies support expanding and extending the Paycheck Protection Program (PPP) while clarifying congressional intent on the tax treatment of PPP loans.
With Congress poised to adopt a compromise COVID-19 package in the next week, a BIG outstanding issue is how loans forgiven under the Paycheck Protection Program (PPP) will be taxed. It’s literally a $160 billion sword hanging over the head of Main Street.
On one side, you have key Congressional leaders and the entire business community in agreement that Congress wanted this money to be tax-free – more than 600 trades wrote to Congress just …