The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and...
The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Below we will take a closer look at...
President Trump signed into law billions of dollars in long-awaited COVID-19 and economic relief. The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll, and retirement provisions. Here are some of the provisions most likely...
After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation passed last week by both the U.S. House of Representatives and the U.S. Senate has now been signed...
As key provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act are set to expire, lawmakers introduced the $900 billion Consolidated Appropriations Act, 2021. Following last night’s Senate vote of 92-6, this coronavirus relief spending package is expected to soon be signed by...
Now that Joe Biden has been projected as the winner of the presidential election by major news outlets,* you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax...
The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in...
Election years often lead to uncertainty for businesses, but 2020 is unlike any other when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their yearly search for ways to reduce their tax...
Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-reaching effects. The economic impact, as well as federal relief packages like the Coronavirus Aid, Relief, & Economic Security (CARES) Act, may render some...