Author: InSight Law Team

Streamlined Loan Forgiveness Application Now Available for PPP Borrowers

If you received a loan totaling $50,000 or less through the Paycheck Protection Program, the administrative burden associated with applying for forgiveness is now much lighter. The Small Business Administration recently issued Form 3508S, which is a far simpler loan forgiveness application, especially in comparison to the original 3508 form and even the 3508EZ form. For example, Form 3508S is a single page and requires very little paperwork when applying for PPP loan forgiveness. Small business owners who borrowed $50,000 or less will need to certify the following: Loan funds were used for eligible expenses; Payroll costs were at least...

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Presidential Debate Highlights Differences in Tax Policy

The first debate of the 2020 presidential election took place recently and it was…unique. It's fair to say this was a norm-shattering debate that ran high on emotions and low on substantive discussions pertaining to federal policy. It was not particularly entertaining, but it was revealing in certain moments. The issue of taxes is one prominent example that highlights the stark differences between the candidates. Let's take a look at each candidate's proposals when it comes to tax policy. Joe Biden's Tax Proposals The Biden campaign released a number of policy papers, including Vice President Biden's plan regarding taxes. If elected, Joe Biden...

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Info You Need to Know – Estate Taxes Levied at Both the State and Federal Level

I recently published a blog discussing the potential modifications to the federal estate tax and the push to have the federal estate tax exemption revert to "historic norms." It appears some states may be targeting their own estate tax exemptions in an effort to raise additional revenue. For example, the D.C. Council approved the Budget Support Act of 2020 containing a number of significant tax changes, including a change to the D.C. estate tax exemption. Specifically, when someone passes away in D.C. on or after December 31, 2020, their estate would be exempt from the D.C. estate tax up to $4 million. This is...

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Estate Tax Exemption May Be Modified Post-Election

Former Vice President Joe Biden released a 110-page economic plan that included significant modifications to the estate tax exemption, in addition to other tax policies that could impact your estate. Modifying the Estate Tax Exemption Biden’s economic plan would seek to return the estate tax exemption to "historical norms." This is a nuanced way of saying that the estate tax exemption should be reduced back to close to $5 million, rather than where the exemption is currently set at closer to $12 million. The tax reform legislation that was passed recently included a doubling of the estate tax exemption. Specifically, the estate tax...

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Advice on How to Plan Your Estate in the Midst of the Coronavirus Pandemic

The Coronavirus Pandemic has placed the fragility of life front and center for many people. It is a harsh reminder that each day is a gift and an unexpected event can limit the days we have on this Earth. A byproduct of this realization is that many Americans are taking steps to plan their estates. However, jumping headfirst into estate planning can be rather intimidating. You have to make important decisions about whether to create a will, a trust (or trusts), power of attorney for handling financial matters, power of attorney for medical decisions, and so forth. If you are interested...

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