Translations from Your Trusted Advisor.
Last week legislation was finalized in the State of New Hampshire allowing for Payroll Protection Program (PPP) Loan forgiveness to conform to the federal treatment. This will allow any forgiven funds to be nontaxable.
Dana R. Bull, CPA, MST •
The Department of the Treasury recently issued detailed information regarding the Biden Administration’s budget and tax proposals for fiscal year 2022. This annual publication is known as “the Green Book.” This publication gives a clear picture of tax policies being pursued by the current administration. Many of these proposals have been previously announced in the “Made in America Plan” and “American Jobs Plan.” Keep in mind that these are only proposals and not newly passed tax law. While there are too many proposals to address in this blog, here are some of the highlights that are likely to affect a number of taxpayers: