Real Estate Articles

On January 5, 2021, Treasury and the IRS issued an early version of final regulations that provide additional guidance regarding the limitation on the deduction for business interest expense under Section 163(j). Among many other items, these regulations address the application of the limitation with respect to controlled foreign corporations (CFCs).

The CARES Act created the Paycheck Protection Program (PPP) to issue loans to help small businesses that were adversely affected by the COVID-19 pandemic. The original program expired on August 8, 2020. Now it's been retroactively reinstated, liberalized, and expanded by the new Consolidated Appropriations Act.

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.

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.

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.

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.

Many people, especially small business owners who were adversely affected by the COVID-19 pandemic, are looking forward to a fresh start in 2021. Before diving headfirst into the new year, business owners should take time to learn from last year's achievements and mistakes, as well as set goals and monitor trends for the future.

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.

On December 27, President Trump signed a new law to provide COVID-19 pandemic relief. The massive 5,500-plus-page relief package contains direct payments to eligible individuals, a 100% business meal tax deduction for the next two years, additional funding for Paycheck Protection Program loans, and much more.

Congress just passed a new bill to provide COVID-19 pandemic relief. The massive 5,500-plus-page relief package contains direct payments to eligible individuals, a 100% business meal tax deduction for the next two years, additional funding for Paycheck Protection Program loans, and much more. This article provides a brief rundown of some highlights of the Consolidated Appropriations Act of 2021