Relief Bill 2.0 Event

Click here to watch our latest event and read about Relief 2.0 which covers was the latest bill signed 12/27/20. 

2020 Year End Planning Event

From PPP forgiveness, tax consequences and planning (you must be prepared to pay tax on this in 2020), to estate planning and personal tax hygiene, there is something for all taxpayers to consider as 2020 comes to a close.   On Dec 2, 2020 we hosted complimentary virtual events to explore all these topics and more. 

You can watch the whole event here or select portions below:

·        Entity Planning to Close 2020 –  Join us as we explore end of year planning techniques – amplified this year with non-deductible PPP forgiveness expenses – ranging from accelerating depreciation, retirement planning, accrual to cash conversions and a variety of other opportunities to either defer or accelerate income depending upon your respective income tax brackets and financial results.

·        Estate Planning + Next Steps - Estate planning is at the forefront of many people’s minds following the November election results. Join us for a brief overview of the current estate and gift tax structure, and the potential changes on the horizon, in order to evaluate whether now is the time to revise or implement your estate plan.

If you missed our previous “fireside chat” on the estate planning basics, please scroll below to watch that video.

·        The Individual Tax Hygiene Pyramid - This session will explore some fundamental strategies for year-end tax planning that could help you meet or exceed your long term financial goals. Whether you have been impacted by 2020 or not, for the good or bad, there will be some tactics in our pyramid that fit your needs…now more than ever.

Virtual Event: Estate Planning Fireside Chat

The last several years have been an attractive season for higher net worth individuals with marginally taxable estates,  and a golden age for estates of value between the historically lower exemption amounts and those brought in by the American Taxpayer Relief Act of 2012 ($5 million, as adjusted) and then the doubling of the exemption under Tax Cuts and Jobs Act of 2017 ($10 million, as adjusted, “TCJA”).  This is an election year, and we assuredly do not have a crystal ball hidden in the consulting department supply closet here at Blankenship CPA Group.  Still, there are undoubtedly risks that should be considered given the candidates’ proposed tax plans.  Trump would generally extend the environment we are in now, working to make many of the temporary provisions that expire in 2025, permanent.  Biden has pledged to reverse the TCJA and roll out significant increases in nearly every aspect of the high net worth individuals’ tax regime.  Biden would raise the corporate tax rate from 21 to 28 percent, set minimum corporate taxes for domestic and foreign income, restore the top individual tax rate from 37 to 39.6 percent, tax capital gains as ordinary income and at death for higher-income individuals, bring back the Pease phaseouts, create a donut approach to Social Security by taxing wages above $400,000, and provide lower-income taxpayer credits and higher-income taxpayer increases in tax in general.  It is highly progressive to high net worth individuals.  In general, a non-partisan thinktank projects the Biden plan would increase the tax on the top 1% of earners (this is folks earning more than $421,926 in a year) by somewhere between 13 to 18 percent in general, while having no real effect on all other taxpayer groups.  It would completely overhaul the step-up in basis concept we have integrated into our estate planning for decades.  This potential of increased taxes and lowered exemptions, coupled with incredibly low AFRs, would merit a review of your estate and gift tax plans now.  Estate planning attorneys could find themselves inundated at year-end if legislative and executive branches all align at election time behind this progressive plan.  Regardless of the election results, the AFR environment alone would suggest revisiting your plans and taking advantage of this golden age in estate planning.

Take advantage of this Client Zoom Event to prepare your thoughts and get ahead of the potential rush. 

Virtual Events: Perspectives on Finding Relief

The 880 page CARES Act contains provisions ranging from business and individual relief to unemployment. We have put together a comprehensive summary here, which starts with the PPP provisions and ends with unemployment. We also hope you received and have studied the Families First Coronavirus Response summary here we sent a little less than two weeks ago.

Over the last three months, we have prepared a Relief Consulting Toolkit and hosted several virtual client events. Ask your CPA for a copy of the Toolkit or request one by emailing info@abadiadetortoreos.com. The Relief Perspectives events are not presentations of details, but rather are designed to provide Perspective, Blueprints, and a walk through of Toolkit content in order to help you navigate the waters ahead.

 For our Summation views on PPP Loan Forgiveness and other relief provisions, please watch this event from June 25^th.

For perspectives on how to maximize your PPP Loan Forgiveness Application and review the clarified PPP strategies, please watch this event from May 27.  

For perspectives on PPP utilization and finding your unique place on the liquidity/forgiveness spectrum, please watch this event from May 1.

For perspectives on the CARES Act, FFCRA, and managing through crisis overall, please watch the events below

For nonprofit and government specific content, please view this version: