NY Times, Paul Sullivan, Money Matters: Virus Relief Efforts Give Rise to New Tax Strategies

Paul Sullivan in his weekly Money Matters column writes about opportunities presented by the pandemic relief efforts, noting that government plans to ease the financial impact of the pandemic have created significant opportunities to reduce personal and business tax bills for years. Mr. Sullivan’s article begins as follows:

Adam Schwartz, who runs his family’s 100-year-old manufacturing company with his brother, Hy, has spent a month sifting through tax incentives for their business. At the same time, his wealth advisers have made him acutely aware of the personal tax planning options that the economic downturn has created.

Like most small-business owners, Mr. Schwartz said his primary goal was keeping the company, S&S Worldwide, which makes arts and crafts supplies for schools, camps and nursing homes, in a position to recover when the pandemic was over.

“Tax planning has been a multigenerational effort,” he said. “But we’re still fighting a battle on a week-to-week, month-to-month basis. We haven’t caught our breath to say, ‘Hey, this is a great time to transfer wealth to the next generation.’”

But for any entrepreneur or affluent individual, thinking through tax strategies now will reap benefits later.

To see the full article (subscription may be required) click NY Times, Paul Sullivan, Money Matters: Virus Relief Efforts Give Rise to New Tax Strategies.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s