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ARP Tax Changes Include Credit Extensions/Expansions, Tax Relief for EIDL and Grant Recipients, and Changes to Worldwide Interest Allocation Rules
Among many other provisions, the American Rescue Plan (ARP), the $1.9 trillion COVID-19 relief package, makes changes to the Internal Revenue Code, including extension and expansion of COVID-19-related employment tax credits, clarification of the treatment of forgiven emergency loans and grants, and removal of a provision related to the allocation of worldwide interest expenses.
Extension and Expansion of Employee Retention Credit (ERC)
The ARP provides another expansion of the successful ERC, a fully refundable payroll tax credit for employers equal to 50 percent of “qualified wages” paid by employers beginning on March 13, 2020. See our detailed discussion of the ERC as originally enacted here. To be eligible for the ERC, a business must (i) be fully or partially suspe
IRS Provides Additional COVID-19 Relief for Cafeteria Plans | McDermott Will & Emery
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Sunday, January 10, 2021
Amid the headline-grabbing events of 6 January 2021, the U.S. Department of Treasury released final regulations under Code
1 Section 45Q. Code Section 45Q provides for a U.S. federal income tax credit at varying rates to taxpayers that participate in various aspects of the process of sequestering carbon oxide and disposing of it in secure geologic storage, use it as a tertiary injectant in a qualified enhanced oil or natural gas recovery project, or utilize it in certain processes.
The final regulations are broadly similar to the proposed regulations published in May of 2020, with revisions focused primarily on making the credit broadly available and as flexible and useful as reasonably possible for businesses of all sizes. By tying the final regulations to industry standards and well-known and understood regulatory requirements used elsewhere in the Code and Regulations, the IRS appears to be signaling an intent to make compliance with the re
The Service s Co-Balancing Act: Final Carbon Capture Credit Regulations Target Broad Taxpayer Implementation and Administrability Friday, January 8, 2021
Amid the headline-grabbing events of 6 January 2021, the U.S. Department of Treasury released final regulations under Code
1 Section 45Q. Code Section 45Q provides for a U.S. federal income tax credit at varying rates to taxpayers that participate in various aspects of the process of sequestering carbon oxide and disposing of it in secure geologic storage, use it as a tertiary injectant in a qualified enhanced oil or natural gas recovery project, or utilize it in certain processes.
The final regulations are broadly similar to the proposed regulations published in May of 2020, with revisions focused primarily on making the credit broadly available and as flexible and useful as reasonably possible for businesses of all sizes. By tying the final regulations to industry standards and well-known and understood regulatory
The Consolidated Appropriations Act, 2021
In a bipartisan effort, H.R. 133-116th Congress: Consolidated Appropriations Act, 2021 (the Consolidated Appropriations Act, 2021 ) overwhelmingly passed both the House and the Senate on December 21, 2020. It is now on President Trump s desk awaiting his signature.
The Consolidated Appropriations Act, 2021, which spans almost 6,000 pages, once signed into law, will bring holiday cheer to many. The new law includes a huge variety of provisions aimed at assisting individuals and businesses during this time of need. One provision in particular is aimed at curing a wrong created by the Internal Revenue Service ( IRS ) in Notice 2020-32.
As we previously discussed, PPP loans authorized by the CARES Act may be forgivable, in whole or in part, if taxpayers use the proceeds for qualifying expenses (namely, payroll, benefits, mortgage interest, rent and utilities). Unlike other debt that is forgiven, PPP loan amounts forgiven pursuant to
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