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Friday, January 8, 2021 On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the CAA), a second stimulus package and the most recent of several major pieces of legislation to be enacted since the start of the COVID-19 pandemic last March. Many of the provisions in the CAA extend or clarify relief provided in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus Response Act (FFCRA) enacted earlier this year. The following is a general overview of key provisions of the CAA as it relates t...

Tuesday, December 29, 2020 In its continuing efforts to mitigate the economic effects of COVID-19, on December 27, 2020, Congress and the POTUS enacted the Consolidated Appropriations Act (CAA) which includes the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA). The combined effect of these Acts is to offer clarification on various tax provisions under the CARES Act and to offer additional tax benefits to businesses. A few tax highlights of these Acts are summarized below. Deductibility of Expenses Paid with PPP Loan Proceeds Un...

To embed, copy and paste the code into your website or blog: After much political gridlock, Congress passed an omnibus government-spending bill (Appropriations Act), which includes another COVID-19 relief package. The Appropriations Act contains many tax-related provisions. Some of the more notable of these provisions, and those discussed in this update, are provisions (1) clarifying the tax treatment of expenses paid with Paycheck Protection Program (PPP) loan proceeds, (2) temporarily providing for a 100% deduction of business meal expenses, (3) modifying the Employee Retention Tax Credi...