Category: Tax Reform
PPP Loan Expenses are Now Tax-Deductible
One of the most widely publicized provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted March 27, 2020 was the addition of a loan program administered by the SBA entitled the Small Business Paycheck Protection Program (PPP). The...
Tax Provisions of the Consolidated Appropriations Act, 2021
The Consolidated Appropriations Act, 2021 (Act), includes many tax provisions that have been made permanent. For tax law purposes, “permanent” means there is no sunset provision. In other terms, the law is not set to expire or will not change unless lawmakers decide...
COVID-19: 2019 Tax Filing Deadline: October 15, 2020
I just want to give that final reminder to people who haven’t yet filed their 2019 individual tax returns, that those tax returns are actually due in about a week—or October 15, 2020. So … middle of October here, and we’re finalizing now last year, right? 2019...
COVID-19: Social Security Payroll Tax Deferral Updates
On Aug. 8, 2020, the President signed four executive orders. One of those orders was to defer certain payroll taxes until the end of next year, and this is what I want to talk about today, but first let’s look at some background. So back in spring Congress passed and...