On December 21, 2020, after more than eight months of deliberation, Congress passed the Consolidated Appropriations Act, 2021 to provide much needed relief to Americans and their employers dealing with the ongoing repercussions of the COVID-19 pandemic. The Act, signed by President Trump on...
Read More** Updated 12/28/20 to reflect the signing of the bill into law. ** The Consolidated Appropriations Act, 2021, signed into law on December 27, 2020, offers many tax related provisions to begin analyzing in the 5,600 page legislative package.In addition to allowing taxpayers to deduct...
Read More** Updated 12/28/20 to reflect the signing of the bill into law ** On Sunday, December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 into law. The package provides government funding as well as a new round of coronavirus stimulus provisions. To the relief of...
Read MoreOhio investors will soon have another opportunity to apply for Ohio Opportunity Zone Tax Credits. The program has $23 million available in tax credit allocation for its 2021 application round and opens January 8, 2021, at 10 a.m. through January 31, 2021, until 11:59 p.m.Similar to the federal...
Read MorePass-through forms of business such as S Corporations and partnerships offer certain domestic tax benefits — namely, the avoidance of double taxation and the ability to claim the 20% deduction under IRC Code Section 199A. However, the global intangible low-taxed income (GILTI) provisions of...
Read MoreNavigating the Paycheck Protection Program (PPP) eligibility and forgiveness has proven to be complicated. Frequently changing and sometimes unclear direction creates challenges even for owners of smaller, single entity companies. These complexities increase exponentially in the context of an M...
Read MoreAfter months of speculation about whether expenses related to Paycheck Protection Program (PPP) loans would be tax deductible in 2020, if in fact forgiveness is not approved until 2021, the IRS has provided an answer.In April, Notice 2020-32 put the IRS’ position on deductibility of...
Read MoreAs we approach the end of the year, it is crucial to reflect on the past 12 months to establish a sense of where your company’s taxable income numbers will land so you can optimize tax positions before the opportunity is lost. This is of the utmost importance for 2020, as Congress created...
Read MoreThe passing of key legislation over the past couple of years — particularly the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) of 2019 and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020 — has resulted in significant changes for...
Read MorePaycheck Protection Program (PPP) loan recipients may soon have yet another form to complete to be eligible for loan forgiveness. On October 26, the SBA published a 30-day notice for comments in the Federal Register, which included two “loan necessity questionnaires”: SBA Form...
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