The CAA or Consolidated Appropriations Act, 2021 includes two tax relief acts that directly impact individual taxpayers. First is the COVID-related Tax Relief Act of 2020 (CRTRA), which provides an additional recovery rebate for individuals. The second is the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA).
The Consolidated Appropriates Act, 2021 contains significant enhancements and improvements to the Employee Retention Credit (ERC).
The Consolidated Appropriations Act, 2021 addresses tax provisions related to the PPP which could have consequences for state and local tax.
As we start a new year, here are a few wealth planning reminders of ways to lower taxable income before filing your 2020 taxes.
The PPP loan application window opens today, Jan 15 for both first- and second-draw PPP forgivable loans (for community lenders with $1 billion or less in assets).
Coronavirus relief bill includes deductibility of expenses paid with proceeds of a forgiven PPP loan, direct payments, extension of federal unemployment benefits, extension and expansion of employee retention tax credit and more.
Whatever 2021 may hold, you will want to give consideration to these year-end tax savings strategies for businesses.
IRS addresses the question “are PPP loan expenses deductible ?” in Revenue Ruling 2020-27 but many believe it contradicts intent of Congress.
Acting now on financial planning opportunities will help you build momentum into the start of 2021 in achieving your financial goals.
If you received a Paycheck Protection Program (PPP) loan AND want to take advantage of the R&D tax credit, make sure you understand the potential impact of PPP loan forgiveness.
Successful year-end tax planning involves knowing which direction future rates will go; much is riding on the outcome of the election process.
IRS taxpayer relief initiative expands as the wide-ranging impact of COVID-19 causes many Americans to struggle with tax debts.
HSAs coupled with a high-deductible health plan can be a powerful tool for funding medical expenses on a tax-advantaged basis, and can play a helpful role in estate planning.
New IRS Form 1099-NEC will be used to report payments to nonemployee service providers will Form 1099-MISC will narrow in scope.
Potential strategies for individuals to reduce income tax liability through 2020 year end tax planning.
The CARES Act introduces the SBA Paycheck Protection Program and includes individual rebates, small business loans, increased unemployment benefits and tax breaks.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is expected to be signed into law this week, bringing relief for businesses, employees and families.
Families First Act includes emergency expansion of the FMLA and emergency paid sick leave for certain employee absences caused by the COVID-19 pandemic.
