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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 prediction that the Chiefs win the Super Bowl. He says it’ll be the Packers.

You can access the podcast on Libsyn by clicking …

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admin2021-03-05T18:47:21+00:00January 13, 2021|

Don’t Sell Out Main Street

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.

As we’ve written before, getting the tax treatment of PPP loan forgiveness correct would avoid a surprise $120 billion tax hike on the five million employers who took out PPP loans. Those employers were promised tax-free forgiveness when …

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admin2020-12-29T17:28:16+00:00December 17, 2020|

PPP Tax Treatment on the Line

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 last week! On the other hand, you have the IRS and the out-going Secretary of Treasury who calls it “double-dipping.” Here’s the case for …

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admin2020-12-29T17:36:51+00:00December 15, 2020|

“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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admin2020-12-05T16:40:10+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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admin2020-12-04T19:45:56+00:00December 4, 2020|