Executive Summary The recently passed Consolidated Appropriations Act 2021 expands the deduction for business meals from 50% to 100% for years 2021 and 2022, if the meal is provided by a restaurant. What exactly is a business meal? Fortunately, the IRS recently provided a fairly concise answer to this question in Treasury Decision 9925. T.D. … Read more
The Consolidated Appropriations Act, 2021 is a bipartisan bill that was passed by both houses of Congress on December 21, 2020. It was the first bill to address issues caused by the COVID-19 pandemic since April 2020. President Trump signed it into law on December 27, 2020. There are many features to this law. This … Read more
Just as Jupiter and Saturn converged on the evening of December 21, the House and Senate likewise converged and passed a $900 billion COVID-19 relief bill right before midnight with assurances from President Trump that he would sign the bill the following day. Fast forward to late Sunday, December 27th, and President Trump has finally … Read more
Late on Monday, December 21, 2020, Congress announced they reached an agreement on a new $900 billion stimulus package. President Trump is expected to sign the act into law on Tuesday. The Act not only extends unemployment benefits and another round of PPP (Payroll Protection Program) loans, but also has many sections impacting individual taxpayers … Read more
On October 8th, 2020, the SBA (Small Business Administration) released an even more simplified version of the PPP (Paycheck Protection Program) forgiveness application. Who Does This Apply Too? This application only applies to borrowers that received a PPP loan of $50,000 or less. The exception to that is this new form cannot be used if … Read more
On August 8th, President Trump signed four executive actions to provide Americans financial relief from the ongoing coronavirus pandemic. PAYROLL TAX DEFERMENT The presidential memorandum defers payroll taxes through 2020, retroactive to July 1, for individuals making less than $104,000 annually. At this time, the legality of the executive action deferring payroll taxes is in … Read more
INTRODUCTION This is an update to an article published on June 26th, 2020 on our website, titled CARES Act Retirement Account Provisions. EARLY WITHDRAWALS The CARES Act provided relief for penalties assessed on early withdrawals from retirement accounts. Eligible plan participants were able take an early distribution of up to $100,000 without incurring the … Read more
INTRODUCTION The CARES Act, intended to assist individuals and businesses withstand the financials consequences of COVID-19, included several important provisions related to retirement accounts. This article will discuss the provisions related to early withdrawals, retirement plan loans, and required minimum distributions (RMD.) Please note that the CARES Act does not require retirement plans to adopt … Read more
The Administrator of the U.S. Small Business Administration (SBA) has released additional guidance concerning how soon borrowers may apply for forgiveness in conjunction with the extended covered period. As we know, many businesses may not need the entirety of the 24 weeks to spend all their Paycheck Protection Program (PPP) funds. This guidance addresses those … Read more
The 2019 tax filing deadline for most individual taxpayers is now July 15, 2020. Individual taxpayers may request an automatic extension of October 15, 2020 to file their returns; however, any 2019 taxes owed are still due on July 15, 2020. Even if you cant afford to pay your taxes, individual taxpayers should file their … Read more