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Empowered Planning in Times of Uncertainty

Everything you need to know to move through the rest of 2020, navigate the new year, and find success in 2021 – and beyond.

As this tumultuous and challenging year ends, we’re here to help guide your next steps – to ensure you and your business are positioned in the best ways possible for whatever comes our way in the new year. We help you adjust, adapt, focus, and take the long view in achieving your personal and professional goals. You’ll be empowered to pursue your purpose.

From year-end tax strategizing and estate planning and valuation, to charitable giving guidance, PPP loan forgiveness application insight and assistance, and human resources and technology solutions, our team has you covered.

 

 

 


Key Questions We Get  


Applying sooner rather than later may be wise given these uncertain times – a continual downturn in the economy, for example, could lead to having to reduce your workforce, which in turn could impact the amount of forgiveness granted. It’s important to work with your lender to ensure proper documentation and processes are being followed.

While important to get all your paperwork, documentation, and application completed, the timing of the submission has planning opportunities that need to be considered before you submit it to the bank. We know that the guidance has been a moving target since the inception of the PPP Loan Program and it’s still evolving on the forgiveness. There has been discussion of providing an “automatic forgiveness” for certain size loans and additional guidance for content of the forgiveness application continues to come. You may be able to take advantage of these simplified forgiveness applications/exemptions (if they do actually get enacted).

Tax planning is another consideration in the timing of your forgiveness application. While additional guidance should come on this, we know that now the expenses paid with tax-free income (PPP Loan forgiven) would be non-deductible for taxes. That will create a much larger tax liability for most all businesses who received PPP Loan forgiveness. The expenses only become non-deductible once the loan is forgiven. If you time your application later in the calendar year (fiscal year if applicable), you should be able to park the tax impact of the non-deductible expenses and non-taxable income in next year, pushing the potential tax impact as far out as March/April of 2022. 

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If Congress remains split, it will certainly hamper Democrats’ ability to push through their tax agenda – this doesn’t mean, however, that you should wait to start considering how the potential changes may impact you and your business.

Throughout his campaign, President-elect Joe Biden expressed strong support for significant change to federal tax policy in the United States. While “significant change” often means tax rate or bracket adjustments rather than true reform, the impact on the amount of tax you owe could be significant.

Below is a summary of noteworthy individual and business proposals included in the Biden tax plan.

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Under current law, the federal estate tax exemption of $11.58 million in 2020 will be reduced to approximately $6 million per person, indexed for inflation, in 2026. The federal estate tax laws (exemption amount, tax rates, etc.) may also be changed at any time by new legislation.

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In many scenarios, both business and personal, prompt business owners to ponder the question of selling, which leads to the question what is my business worth? This is where an objective, independent business valuation comes into play.

Quantifying the value of a business, business ownership interest, or intangible asset can be a complex analytical process. A business valuation helps ensure the best outcome – the sale makes sense financially and the timing is right for the business and for you as the business owner.

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Get organized and get it done 

 

 

Cannabis SettingUpBusinessConsider your estate planning strategies

Under current law, the federal estate tax exemption of $11.58 million in 2020 will be reduced to approximately $6 million per person, indexed for inflation, in 2026. The federal estate tax laws (exemption amount, tax rates, etc.) may also be changed at any time by new legislation. Here are some strategies to consider while the estate tax exemption remains high.

Cannabis HRSystemsNavigate a changing workforce

HR issues are real, complex, and often overwhelming – especially now. Implementing and executing solid HR practices are essential to mitigate risk and propel your business forward during these uncertain times – and well into the future. Here’s what you need to know. Listen to HR Solutions team as they provide an overview on what to consider.

 
Cannabis InfoTechnologyStay on top of technology solutions

Cybersecurity is more important than ever. Our 360 Assessment Tool gives you a comprehensive overview of the safety and security of your IT environment – networks, servers, security, data, and more.

Cannabis GovtComplianceDetermine or reestablish your business' value

Among the many tough decisions business owners are facing in 2020 is that of selling – specifically, whether now is a good time to transition the organization to a new owner, or better to hold on, ride out these turbulent times, and make that call further down the road. Here are some considerations to make as you think, "what's my company worth?"

Cannabis ExitingBusinessMake the most of your charitable giving

Year-end charitable contributions are likely on your mind – and the deductions that come along with them. One lesser known tax-saving strategy is “bunching,” which is the process of taking more than one year’s worth of deductions all in one tax year. Learn more about this strategy here.

 

 

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