As 2020 comes to an end, we wanted to share a few important year-end updates.
Pending the outcome of legal challenges brought by the campaign and supporters of President Donald Trump, with an inauguration on January 20, 2020, Joe Biden presumably will become the 46th President of the United States.
The White House will likely be controlled by the Democratic Party, the House has remained Democratic, and control of the Senate is open depending on the outcome of runoff elections in Georgia, which are set to take place in early January. While the outcome is still uncertain, both Republican candidates were ahead in both elections, but did not meet the 50% hurdle required in Georgia required to avoid a runoff. The results of the runoff elections will dictate the Senate majority. It is widely believed that for any sweeping tax reform legislation to be passed, the Senate needs to have a Democratic majority.
While in normal tax planning strategies the goal is to shift expenses to take last-minute deductions before year-end, it may make sense to accelerate income into 2020 given Biden’s proposed tax policies and the open Senate race in Georgia.
If you are not already working with us and would like year-end tax planning, please reach out to your Siegfried Advisory Relationship Coordinator.
Paycheck Protection Program (“PPP”) Loan Forgiveness
Over the past several weeks, many banks across the country have begun releasing their loan forgiveness applications. If you received a PPP Loan, this is a great time to get these applications filled out to ensure loan forgiveness. It is extremely important to provide complete and accurate information as you apply for forgiveness.
We have a team ready and willing to assist with your PPP forgiveness needs. If you would like assistance, please reach out to your Siegfried Advisory Relationship Coordinator.
The Siegfried Advisory Team