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Sacred Cows

As the Biden administration seeks funding for unprecedented levels of government spending, they are targeting three sacred cows of the U.S. tax code:  long term capital gains rates, the step-up in basis of assets at death, and 1031 exchanges.  Here are some details of...

Recovery Rebate Credit

Tax season begins in earnest when the Internal Revenue Service begins processing individual returns on February 12. It will now be up to the taxpayers to report the various tax breaks brought on by coronavirus relief laws passed by Congress in 2020. The most impactful...

Consolidated Appropriations Act

Happy New Year!  I hope you and your families are doing well and staying safe & healthy! Just before the end of 2020, Congress passed and the President signed into law the Consolidated Appropriations Act of 2021 (CAA).  The purpose of this bill is to provide more...

Season of Giving

We are reaching the end of 2020 and what a year it has been! The coronavirus pandemic has altered life for everyone and continues to impact us as we look forward to the new year. As you can imagine, many experts are predicting that charitable donations will be down in...