COVID-19 Tax & Business Implications
Good news for restaurants and business owners – temporary 100% deduction of restaurant meals! The IRS recently released guidance addressing when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for IRC 274 purposes (Notice…
Read MoreMitch Gerstein’s quote appeared in the March 30, Philadelphia Inquirer article “Didn’t get $1,400 stimulus checks? Took money from retirement accounts? Q&A with readers.” Read the full article.
Read MorePresident Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional…
Read MoreThe American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, extended and significantly modified the payroll tax credits for qualifying sick leave and family leave wages. Below is a summary of the key provisions. Background: Both Covid-19-related credits were initially provided by the Families First…
Read MoreThis Alert will make you aware of improvements made by the American Rescue Plan Act (ARPA) to the child and dependent care tax credit for the 2021 tax year, i.e., the credit available for expenses a taxpayer pays for the care of qualifying individual(s) under the age of 13 so…
Read MoreThe American Rescue Plan Act provides sweeping relief measures for eligible families and businesses. On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic.…
Read MoreThe article appears in the Philadelphia Inquirer Cutting through a bonkers tax season: Here are the biggest new changes. The American Rescue Plan Act has made many tax changes.
Read MoreThis post summarizes the changes made to the Employee Retention Tax Credit (ERTC) because of the American Rescue Plan Act of 2021 (ARPA). We would be happy to assist you in analyzing whether claiming the modified and extended ERTC might benefit your business. Background Congress originally enacted the ERTC in…
Read MoreThe American Rescue Plan Act, signed into law on March 11, provides a variety of tax and financial relief to help mitigate the effects of the COVID-19 pandemic. Among the many initiatives are direct payments that will be made to eligible individuals. And parents under certain income thresholds will also…
Read MoreThere have been significant enhancements made to the child tax credit (CTC) by the American Rescue Plan Act of 2021 (ARPA). These enhancements temporarily expand the eligibility for, and the amount of, the child tax credit (CTC) for tax years beginning in 2021 and require the IRS to make monthly…
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