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Washington Tax Insight December 2020

Politics & Congressional Activity Presidential Election:  Former Vice President Joe Biden was elected to serve as the forty-sixth President of the United States on November 3rd with over 80 million votes and 306 Electoral College votes.  Senator Kamala Harris will be the new Vice President.  President-elect Biden was declared the winner of the Presidential election on November 7th. On December 14th, the Electoral College delegations met and voted in their […]

December 29, 2020

Washington Tax Insight November 2020

Election Results and Congressional Activity Voters in the United States turned out in record numbers on November 3rd to cast their ballots in the Presidential race as well as state and local races.  Although most of the results have been officially announced, there are some outstanding races that have been labeled either “too early to call” or “too close to call.” Presidential Election:  With 270 electoral votes needed for victory, […]

November 9, 2020

The Excess Business Loss Limitation: Opportunities and Clarifications from the CARES Act

Summary The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020 and included many economic relief measures as summarized in previous True Alerts (Tax Issues Addressed by COVID-19 Emergency Legislation; Congressional Action on the COVID-19 Pandemic: The CARES Act).  This True Alert will focus on temporary elimination of the “excess business loss” limitations for taxable years 2018, 2019, and 2020. Background The Tax Cuts […]

November 3, 2020