Tag Archives: Economic Development

PPP Covid-19 Relief Program Is Adjusted to Help the Smallest Businesses in the USA

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Important revisions are made to boost participation among sole proprietors, independent contractors, self-employed “gig-workers,” and solo entrepreneurs in minority communities. For qualifying businesses, this is money that can be used to meet payroll and other business expenses and new deadlines to apply are approaching quickly. Small businesses and non-profits with fewer than 20 employees and sole proprietors can apply for

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US Small Business Administration – Small Business Optimism at 35 Year High

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Small businesses are a key driver of the U.S. economy. When small businesses succeed, so does the U.S. More than 99 percent of U.S. businesses are small businesses, and they employ a full 48 percent of the American workforce. In December 2017, President Donald Trump signed the Tax Cuts and Jobs Act into law, giving these entrepreneurs and the rest

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IRS Proposes Big Tax Break for Sole Proprietor Entrepreneurs

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IRS issues proposed regulations on new 20 percent deduction for passthrough businesses The Internal Revenue Service issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the deduction for qualified business

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Tax Foundation Report – The Benefits of Cutting the Corporate Income Tax Rate

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Before the Tax Cuts and Jobs Act (TCJA), the U.S. had one of the highest statutory corporate income tax rates in the developed world at 35 percent. Now, the federal corporate income tax rate sits at a much more competitive 21 percent, which brings the combined average state and federal tax rate (25.7 percent) closer to the average for developed

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MoFo Tax Alert – President Trump Signs Tax Reform Bill

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On December 20, 2017, both the House and the Senate passed H.R. 1 (the “Bill”), which President Trump signed December 22, 2017. The Bill dramatically alters the U.S. approach to domestic and international taxation. It represents the results of a conference agreement between the House and Senate reconciling the version passed by the House on November 16, 2017, and the

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