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The relief, which includes a permanent extension of certain Affordable Care Act reporting deadlines, should make health plan administration and reporting less burdensome.
See photos from opening night of At The Illusionist’s Table, an intimate experience where magic and mentalism intertwine with fine dining, at The McKittrick Hotel.
United States: How do you spell relief? C-A-A After months of partisan bickering and Senate inaction, Congress finally passed another round of COVID-19 relief legislation as part of the Consolidated Appropriations Act, 2021, P.L. 116-260, (“CAA”), which was signed into law on December 27, 2020. We provide a summary of the tax-related CAA provisions and key modifications to the Paycheck Protection Program (“PPP”), before discussing President Biden’s tax agenda for 2021. The CAA’s tax provisions focus primarily on providing economic relief to taxpayers by expanding provisions of the...
A. Employee Retention Tax Credit The CAA extends, increases, and amends the CARES Act’s Employee Retention Tax Credit (ERTC). Most significantly, the CAA extends the ERTC for qualified wages paid through June 30, 2021, (from Dec. 31, 2020, in the CARES Act) and increases the credit base to 70% of such wages (from 50% in the CARES Act). The CAA also increases the ERTC base to $10,000 of qualified wages per employee per calendar quarter (from $10,000 per employee in the aggregate under the CARES Act). Eligible employers may also seek advance payment of the ERTC for any calendar quarter. Adva...