This article was written on November 23, 2020.  Be sure to check for more developments as time passes. Congress passed the CARES Act last spring, creating the PPP loan program and criteria for loan forgiveness.  The Act specifically provided that any forgiven principal would not result in taxable income, which is usually the case with

In August, President Trump signed an Executive Order to defer withholding and deposit of the employee’s share of Social Security tax, starting September 1st and continuing through December 31st.  The order does not affect income or Medicare tax withholding, nor the employer’s share of Social Security, just the half that is normally withheld from employees’

Congress is notorious for waiting until the last minute to pass legislation changing tax laws for the year about to wrap up. It is not unusual for them to even delay action to early January… one year they went so far as to make changes in MAY affecting the prior year. Last week, they really