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Business Tax Articles

 

COBRA Provision under the American Rescue Plan Act

COBRA Provision under the American Rescue Plan Act

Posted by Kerry Roets on April 21, 2021

Do you have former employees currently on your COBRA rolls? Or employees that have been laid off within the last 18 months who haven't enrolled in COBRA but still could? Your company might need to pay for those COBRA benefits upfront for up to six months before recouping that expense via tax credits.

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Employee Retention Credit FAQs Released For 2020 Claims

Employee Retention Credit FAQs Released For 2020 Claims

Posted by Megan Morris on April 12, 2021

Under the 2020 ERC rules, 50% of qualified wages and healthcare expenses (up to $10,000 of wages per employee in 2020) are fully refundable if paid by businesses that experienced a full or partial suspension of their operations or a significant decline in gross receipts.

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NY Budget Deal Includes Pass-Through Entity SALT Cap Workaround

NY Budget Deal Includes Pass-Through Entity SALT Cap Workaround

Posted by Mark Stack on April 07, 2021

An outcome of the 2022 FY New York State budget, passed on April 7, 2021, includes a circumvention of the federal limit on State and Local Tax (SALT) deductions.

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Tax Increases and SALT Relief Come Out of New York Budget Finalization

Tax Increases and SALT Relief Come Out of New York Budget Finalization

Posted by Cory Van Deusen V on April 07, 2021

In the early morning hours of Tuesday, April 7, 20201, New York state leaders agreed on a $212 billion budget that includes increased tax rates for both large businesses and the wealthy in New York State.

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PPP Application Deadline Extended in New Law

PPP Application Deadline Extended in New Law

Posted by Mark Janulewicz on April 05, 2021

President Biden has signed legislation to extend the application period of the popular Paycheck Protection Program (PPP). This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act.

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Employee Retention Credit: New Angles for Nonprofits

Employee Retention Credit: New Angles for Nonprofits

Posted by Jenna Torella on April 05, 2021

If your nonprofit managed to keep staffers employed throughout the COVID-19 pandemic, you may be eligible to claim an Employee Retention Credit (ERC).

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Tax Breaks for Green Manufacturers Are Expanded

Tax Breaks for Green Manufacturers Are Expanded

Posted by Kristin Re’ on April 05, 2021

Manufacturers that decide to “go green” may qualify for lucrative tax breaks. Several incentives were recently extended and improved by the Consolidated Appropriations Act.

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The Evolution of the Employee Retention Credit

The Evolution of the Employee Retention Credit

Posted by Megan Morris on March 29, 2021

The Employee Retention Credit is a novel tax break that was designed to reward businesses that keep employees on the payroll during the pandemic. The American Rescue Plan Act extends the credit through the end of 2021, and another law passed in December 2020 made other changes to it. Here's what employers need to know to take advantage of this tax-saving opportunity.

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Interplay of PPP and ERC with the R&D Tax Credit

Interplay of PPP and ERC with the R&D Tax Credit

Posted by Kristin Re’ on March 05, 2021

The Consolidated Appropriations Act, 2021 (CAA), a coronavirus relief package enacted on December 27, 2020, contains a number of provisions to assist businesses and individuals that have suffered economically from the coronavirus pandemic. Included in the CAA are beneficial provisions for businesses that obtained or qualify to obtain a loan under the Paycheck Protection Program (PPP) and employers that qualify for the Employee Retention Credit (ERC).

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One-Page Overview of the Employee Retention Credit

One-Page Overview of the Employee Retention Credit

Posted by Megan Morris on March 03, 2021

The Consolidated Appropriations Act of 2021 (Act), signed into law on December 27, 2020, contains significant enhancements and improvements to the Employee Retention Credit (ERC).

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