Reading Time: 4 minutes On Monday, December 21st, Congress passed a stimulus package providing $900B of COVID-19 relief provisions. While the massive bill includes a host of provisions and tax extenders, below is a summary of some of the more relevant provisions to closely-held businesses including long awaited clarification on the deductibility of Paycheck Protection Program (PPP).
Reading Time: 11 minutes Now, as year- end approaches, is a good time to think about planning moves that may help lower your tax bill for this year and possibly next. 2020 year-end planning takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected personal and business finances. New.
Reading Time: 2 minutes On Monday, the IRS and Treasury announced it will allow certain businesses the ability to take a deduction for elective entity-level (partnerships and S corporations) income taxes (IRS notice N 20-75). Several states have implemented entity-level income taxes as a way to circumvent the $10,000 cap on the state and local tax deduction for.
Reading Time: 2 minutes On April 30, 2020, the IRS released a notice (2020-32) that clarified the deductibility of certain expenses for loan recipients under the Paycheck Protection Program. Specifically, the IRS states that paid expenses, that would otherwise be deductible, will be disallowed to the extent of the forgiven loan amount. Under the Coronavirus Aid, Relief,.
Reading Time: 4 minutes Among the many business provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, are those meant to aid individual taxpayers. Below are a few of the key individual tax-related provisions. Recovery Rebates for Individuals To help individuals stay afloat during this time of economic uncertainty, the government will send up-to-$1,200 payments.
Reading Time: 4 minutes Congress has passed a monumental economic stimulus package, the Coronavirus Aid, Relief and Economic Security (CARES) Act, created in response to the coronavirus pandemic. The $2 trillion stimulus package was designed to provide much needed aid to individuals and businesses who have been impacted by the ongoing health and economic crisis. Included in the.
Reading Time: 4 minutes On March 18, President Trump signed into law the Families First Coronavirus Response Act (PL 116-127) which among other provisions, provides for paid sick leave and paid family leave to address work and employment interruptions related to the coronavirus. The legislation enables employers to keep their workers on their payrolls, while at the same.