by Sal Schibell | Feb 1, 2021 | News, Press Release
2020/2021 Employee Retention Credit: The Expanded Eligibility and Increased Credit Opportunities The Employee Retention Credit for 2020 and 2021 has been expanded. Now, wages eligible for the credit are increased, the group of Eligible Employers is expanded, and the...
by Sal Schibell | Jan 26, 2021 | News, Press Release
PPP2 Loans 2021: The Details Millions of small businesses could soon apply for another forgivable federal loan as part of the rebooted Paycheck Protection Program (PPP). KEY TAKEAWAYS A new round of Paycheck Protection Program (PPP) loans was authorized by the passage...
by Sal Schibell | Jan 4, 2021 | News, Press Release
Deductibility Of Business Meals Provided By Restaurants In 2021 And 2022 You’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those...
by Sal Schibell | Jan 4, 2021 | News, Press Release
New Law’s Tax Provisions That Affect Businesses The Consolidated Appropriations Act, 2021 (the CCA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CCA, 2021 includes spending and other non-tax...
by Sal Schibell | Dec 28, 2020 | News, Press Release
Internal Revenue Service agrees to the Deductibility of Certain State payments made by Pass through Entities (Partnerships and S corporations) Background The Tax Cuts and Jobs Act that was passed into law on December 2017, effective for tax years commencing...
by Sal Schibell | Dec 28, 2020 | News, Press Release
The IRS just released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 to clarify the rules for deducting expenses paid with PPP funds. But here we are at the end of the year, and most borrowers have not even applied for forgiveness. A change in government...
