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Tax Articles

 

SALT Effect of Federal Stimulus Package

SALT Effect of Federal Stimulus Package

Posted by Mark Stack on February 01, 2021

The Consolidated Appropriations Act earmarks an additional $284 billion for a new round of forgivable small-business loans under the Paycheck Protection Program (PPP) and makes a number of important changes to the program. On January 6, 2021, the IRS followed up by issuing Rev. Rul. 2021-2, which revokes its prior position on the disallowance of deductions for PPP-related expenses.

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International Aspects of 2021 Final Regulations on Deduction of Business Interest Expense

International Aspects of 2021 Final Regulations on Deduction of Business Interest Expense

Posted by Amanda Mooney on February 01, 2021

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).

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2021 Federal Tax Rates Quick-Reference Guide

2021 Federal Tax Rates Quick-Reference Guide

Posted by Angela Miles on January 28, 2021

The following guide includes many of the most important 2021 federal tax amounts including capital gain tax rates, standard mileage rates, estate and trust income tax rates, and itemized deduction limits.

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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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New Law Includes Favorable Changes for Individuals

New Law Includes Favorable Changes for Individuals

Posted by Brian Kern on January 06, 2021

The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals. The new law, called the Consolidated Appropriations Act, contains some beneficial changes for individuals.

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