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YEAR-END TAX PLANNING UNDER A BIDEN PRESIDENCY

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November 20, 2020

Although vote counting continues and legal challenges to the election endure, many news media organizations are projecting that former Vice President Joe Biden will become the 46th President of the United States on January 20, 2021.

The House of Representatives will remain under Democratic control, but control of the Senate is somewhat less certain since the balance of power will be determined in January 2021 following a run-off election for two open Senate seats in Georgia. The run-off is necessary because neither of the candidates in either of the races obtained more than 50% of the total vote count as required by the state’s election law. A win by the two Democratic candidates would shift the balance of power in the Senate from one of GOP control to one where neither party has a majority. In that case, if all Senators vote along party lines (including independent senators who typically vote with Democrats), any deadlock on legislation would be broken by Vice President-elect Harris casting the deciding vote. This tiebreaking potential would also determine the Senate leadership, the ratio of committee memberships between the parties, and the leadership of each committee.

HLS Global Group and HWS GmbH & Co. KG Form International Strategic Joint Venture

July 30, 2020

Shunsuke Saito
Hotta Liesenberg Saito LLP
info@hls-global.com

 

HLS Global Group and HWS GmbH & Co. KG Form International Strategic Joint Venture
Creating New Opportunities for Japanese Companies in Europe through a Partnership Founded on Trust

Los Angeles, CA, U.S. / Stuttgart, Germany: Today, Hotta Liesenberg Saito LLP, a leading international accounting, taxation, and business advisory firm, announced a new joint venture with HWS GmbH & Co. KG, a German full-service accounting, taxation, and business advisory firm with a rich history spanning nearly a century. This partnership will empower existing and new clients by creating new business opportunities for Japanese companies in Germany and for German companies globally.

CARES Act – Employee Retention Credit and Employer Payroll Tax Deferral

The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contains a business relief provision known as the Employee Retention Credit (ERC), a payroll tax credit for “qualified wages” paid to retained employees between March 13 and December 31, 2020. The purpose of this provision is to encourage employers to keep employees on the payroll, even if they are not working during the covered period due to the effects of the coronavirus outbreak.

CARES Act – SBA Loan Information

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). Please find attached information about the two loan programs recently implemented through Small Business Administration (SBA): Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP).

The Coronavirus Aid, Relief, and Economic Security (CARES) Act

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with more detailed alerts on individual provisions to follow. Click here for a link to the full text of the bill.

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