Tax Legislation
-
Can your business benefit from the enhanced Employee Retention Tax Credit?
- January 28, 2021
- Posted by: Jen Gostovic
- Category: Tax, Tax Legislation
No CommentsCOVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law. Background on the credit The CARES Act, enacted in March of 2020, created the ERTC. The credit:
-
PPP loans have reopened: Let’s review the tax consequences
- January 28, 2021
- Posted by: Jen Gostovic
- Category: Tax, Tax Legislation
The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) reopened the week of January 11. If you’re fortunate to get a PPP loan to help during the COVID-19 crisis (or you received one last year), you may wonder about the tax consequences. Background on the loans In March of 2020, the CARES Act
-
New law doubles business meal deductions and makes favorable PPP loan changes
- January 27, 2021
- Posted by: Bill Jacob
- Category: COVID-19 Updates, Tax, Tax Legislation
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new law
-
President Trump’s action to defer payroll taxes: What does it mean for your business?
- August 20, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future.
-
IRS guidance provides RMD rollover relief
- July 2, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
IRS guidance provides RMD rollover relief The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the
-
PPP borrowers get concessions, additional guidance on forgiveness
- June 8, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from the U.S. Department
-
SBA extends the PPP repayment deadline for self-certification
- May 7, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that repay their loans by that date preempt the possibility of
-
The CARES Act liberalizes net operating losses
- May 5, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions You may be able to benefit
-
Interim Stimulus Plan: Congress expands small business COVID-19 relief
- April 24, 2020
- Posted by: Jen Gostovic
- Category: COVID-19 Updates, Tax, Tax Legislation
Congress recently passed the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in late March. Among other things, it
-
IRS extends some (but not all) employee benefit plan deadlines
- April 24, 2020
- Posted by: Jason Schilling
- Category: Audits, COVID-19 Updates, Tax, Tax Legislation
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in response to the novel coronavirus (COVID-19) crisis. This guidance applies to specified filing obligations and other “specified actions” that would otherwise be due on or after April 1, 2020, and before July 15, 2020. It extends
Contact us at the office nearest to you or submit an information request online.