“Wall Street Poised for Win on Money-Laundering Bill in Lame-Duck”

Wall Street is setting records even as millions of Main Street businesses struggle to stay alive, so what’s Congress doing?  Sneaking legislation onto the Defense Authorization Act that makes life easier for big New York City banks by shifting their money laundering responsibilities onto Main Street businesses.

The legislation, authored by Caroline Maloney (D-NY) and Maxine Waters (D-CA), accomplishes this remarkable task in two simple steps:  1) relieve banks of some of their current anti-money laundering responsibilities; and 2) impose onerous new requirements on the struggling Main Street employers.  As a result, the struggling restaurant down the street will need to

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2020-12-05T16:40:10+00:00December 5, 2020|

Business Community Rallies Against Surprise PPP Tax Hike

Negotiations over the next COVID-19 relief package are in full swing – finally! – and the business community has united around one key must-pass item:  Restoring congressional intent and avoiding a $120 billion tax hike on Main Street business by clarifying the correct tax treatment of PPP loans.

That’s the message conveyed today by today’s letter initiated by the Associated General Contractors and signed by 564 national and state-based trade groups.  564!  That’s got to be a record, and the fact those signatories were gathered in the matter of just two days should send a very emphatic signal to Congress

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2020-12-04T19:45:56+00:00December 4, 2020|

The Washington Post is Wrong About PPP

The Washington Post is reporting on yesterday’s court-ordered PPP loan data dump by the Small Business Administration.  In a rush to support a breathless income inequality headline, they forgot to report on the real purpose of PPP — covering employee payrolls.

Here’s the key graphic:

The top 1% percent of PPP borrowers got 25% of the loan amounts?  Sounds bad.  But is it?

The primary goal of the PPP was to keep workers on payroll and off UI.  To that end, the PPP funded more than 5 million business loans, the amount

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2020-12-02T21:00:05+00:00December 2, 2020|

The 2020 Elections and their Implications for Private Businesses

Are you a fan of the Progressive Insurance commercials making fun of mismanaged Zoom calls? Then you’ll love the blank Zoom screen for the first 10 minutes of our most recent S-Corp Member call covering the 2020 election results and what they mean for private companies.  You can access the full video here.  You can access the slide deck here.

We’re biased, obviously, but we think it’s well worth watching, particularly the portion focused on what companies can expect moving forward, as well as the BIG news (covered at the

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2020-11-11T20:55:55+00:00November 11, 2020|

Treasury Blesses SALT Parity Reform

Huge news out of Treasury yesterday – the Department has blessed our SALT Parity reforms.  You can read the full Notice here.  As Law360 reports:

BREAKING: Treasury To Say Pass-through SALT Workarounds OK

State and local taxes imposed at the entity level on pass-through entities are permitted as a deduction and this “is consistent with the longstanding position” of the U.S. Department of the Treasury and the Internal Revenue Service the agencies said Monday.

This announcement comes on the heels of the election results that have all but eliminated any remaining uncertainty about the value of

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2020-11-13T15:23:55+00:00November 10, 2020|