The House of Representatives voted 220–211 Wednesday to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.
The House of Representatives voted 220–211 Wednesday to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.
In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020. The credit was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L 116-136, and amended by the Consolidated Appropriations Act, 2021, P.L 116-260. The IRS says the guidance in the notice is similar to the information it posted in FAQs last year, but the notice clarifies and describes retroactive changes under the new law that apply to 2020, primarily relating to expanded eligibility for the credit for taxpayers who took Paycheck Protection Program (PPP) loans. The AICPA requested authoritative guidance on the 2020 and 2021 employee retention credits from the IRS in a comment letter sent on Feb. 25.
Yesterday, New Jersey Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio announced that New Jersey will follow the federal government's lead in making PPP loans tax exempt at the state level and allowing recipients to deduct business expenses that were paid with the loan proceeds.
The US Small Business Administration and Treasury released borrower loan application forms Friday night for the rebooted Paycheck Protection Program (PPP), which will launch today, January 11, 2021. The application will Initially be available for select lenders and borrowers before a broader opening takes place a few days later.
The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress on Dec. 21, and President Donald Trump signed the bill into law on Dec. 27.
After months of coping with the world changing at a rapid pace, discussions with coworkers, clients, and other professionals, the consensus seems to be the same issue: Staying productive and focused.
The IRS today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations. Specifically, the proposed regulations will clarify that state and local income taxes imposed on and paid by a partnership or S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment, and therefore are not subject to the state and local tax deduction limitation for partners and shareholders who itemize deductions.
New Jersey Governor Phil Murphy has announced that an additional $100 million of federal Coronavirus Aid, Relief, and Economic Security (CARES) Act funding will be allocated to assist in the recovery of individuals and small businesses affected by the coronavirus pandemic. This funding comes amid continued restrictions on restaurants and other vital entities.
On Friday, the IRS released IR-2020-195, effectively providing employers guidance for the Presidential Memorandum (“Memorandum”) to defer certain employee Social Security tax withholding.
In June, legislative measures were enacted creating significant changes for small businesses wishing to participate in the Paycheck Protection Program (PPP).