The new relief bill provides support for businesses during the ongoing pandemic. Learn more about what this could mean for you regarding PPP loans and the Employee Retention Credit.
Late in the day on Monday, December 21, Congress passed a comprehensive stimulus package. There are several key tax-related provisions in the bill.
The IRS issued Revenue Ruling 2020-27 on November 18th, formally denying the ability to deduct expenses related to PPP forgiveness. In the ruling, the IRS clarified the deduction for PPP expenditures is denied in the period the expenses were incurred (2020), even if the taxpayer waits until 2021 to apply for forgiveness.
On November 5, 2020 we held a free live webinar discussing the Q & A’s regarding recent business tax changes. You can click to video below to watch the webinar replay or use the button below to download the presentation slides.
On November 5, 2020 we held a free webinar discussing the impacts of recent tax bills and how they can provide businesses with many tax savings opportunities. We are living in a highly unpredictable time period and our tax laws are changing rapidly.
Congress passed the CARES Act and provided funding for Paycheck Protection Program (PPP) Loans. Many of you took advantage of the provisions afforded you related to PPP and the CARES Act.
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