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Business Tax Articles

 

New Appropriations Act Includes Disaster Tax Relief

New Appropriations Act Includes Disaster Tax Relief

Posted by Mark Stack on January 20, 2021

The Consolidated Appropriations Act is nearly 5,600 pages. It contains several tax-relief measures related to qualified disasters. These provisions include liberalized deduction rules for personal casualty losses, tax-favored treatment for distributions from IRAs and retirement plans, an employee retention tax credit, and more.

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Ways to Fully Deduct Business-Related Meals

Ways to Fully Deduct Business-Related Meals

Posted by Kevin Smeader on January 19, 2021

There's good news for restaurants that have struggled during the COVID-19 crisis: A new law allows 100% federal income tax deductions for the cost of business-related meals provided by restaurants in 2021 and 2022.

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The Status of Temporary COVID Tax Relief Measures After the New Law

The Status of Temporary COVID Tax Relief Measures After the New Law

Posted by Cory Van Deusen V on January 15, 2021

Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020.

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Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications

Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications

Posted by Kerry Roets on January 07, 2021

A record number of privately held businesses closed their doors permanently in 2020, and more closings are expected as the COVID-19 pandemic continues. Shuttering a business can have complicated tax implications for the business and its owners.

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Appropriations Law Adds Some Business Tax Breaks and Extends Others

Appropriations Law Adds Some Business Tax Breaks and Extends Others

Posted by Kristin Re’ on January 06, 2021

President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses. For example, it allows taxpayers to deduct 100% of the cost of business-related food and beverage expenses incurred at restaurants in 2021 and 2022. The new law also extends a bevy of other business breaks that were set to expire at the end of 2020.

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Energy-Related Tax Breaks Are Extended in the New Law

Energy-Related Tax Breaks Are Extended in the New Law

Posted by Mark Stack on January 06, 2021

The economic stimulus and government spending law, which was signed on December 27, 2020, extends several energy-related tax breaks. Before the Consolidated Appropriations Act (CAA) was signed, these federal income tax breaks (often called “extenders”) were set to expire on December 31, 2020. Here are some of the deductions and credits extended in the CAA.

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Expense Deduction Disallowed for 2020 if PPP Loan Forgiveness Anticipated in 2021

Expense Deduction Disallowed for 2020 if PPP Loan Forgiveness Anticipated in 2021

Posted by Megan Morris on December 04, 2020

The IRS released a revenue ruling (Revenue Ruling 2020-27) on November 18, 2020 that addresses the timing of eligible expense deductions for taxpayers that have received a loan under the Paycheck Protection Program (PPP) and that expect to receive loan forgiveness. In conjunction with the release of Revenue Ruling 2020-27, the IRS announced a safe harbor procedure (Revenue Procedure 2020-51) for eligible taxpayers that have paid or incurred otherwise eligible PPP expenses during 2020, but loan forgiveness is denied or the taxpayer decides not to request loan forgiveness.

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Year-End 2020 May Not Be the “Same as Last Year” for Payroll Taxes and Compensation and Benefits

Year-End 2020 May Not Be the “Same as Last Year” for Payroll Taxes and Compensation and Benefits

Posted by Michē Needham on December 01, 2020

As 2020 draws to a close, we would like to remind you that this year-end may not be the same as 2019 when it comes to payroll taxes and compensation and benefits matters. This alert highlights various areas of change and what employers should be focusing on.

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Clarity on Three 2020 Employer Tax Credits

Clarity on Three 2020 Employer Tax Credits

Posted by Kerry Roets on December 01, 2020

Congress has enacted three tax credits that can provide some relief to eligible employers at this difficult time. The credits were initiated by three separate pieces of federal legislation and it's easy to confuse one with another. The following is intended to provide some clarity.

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Beware: Several CARES Act Tax Provisions Will Soon Expire

Beware: Several CARES Act Tax Provisions Will Soon Expire

Posted by Jenna Torella on November 18, 2020

The CARES Act was enacted in March to provide financial relief to individuals and businesses during the COVID-19 pandemic. Several beneficial federal income tax provisions are set to expire at the end of 2020.

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