How can your business benefit from the Consolidated Appropriations Act?

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. Let’s take a closer look at the provisions that are most likely to affect your company’s bottom line. … Continued

The Consolidated Appropriations Act brings COVID-19 relief (and more) to individuals

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 to affect individual taxpayers. Recovery rebates The most headline-grabbing component … Continued

Bi-Partisan COVID-19 Stimulus Package Released

This afternoon the final text of the bi-partisan stimulus package was released. The legislation comes as part of the full government funding package. The entire measure must go through congressional procedure and to the President for signature, but since the points have been negotiated heavily and quick action will be required, it is anticipated that … Continued

Paycheck Protection Program Changes in Stimulus Package

On December 21, 2020, as part of the Consolidated Appropriations Act, 2021, Congress passed significant changes to the Paycheck Protection Program (PPP). This includes changes to existing loans and a second draw of PPP funds for eligible borrowers. Full Deductibility of Expenses The legislation provides full deductibility of covered expenses paid by PPP loans without … Continued

Unusual year steers year-end tax strategies

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-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020. Adding to the uncertainty … Continued

CARES Act – Retirement Plan and RMD Changes

After the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, the IRS issued several notices with additional information and guidance related to the 2.2 trillion economic stimulus bill aimed at protecting the public health and economic impacts of COVID-19. The CARES Act is expansive legislation with wide-ranging … Continued

Payroll Tax Deferral Guidance

On Friday, August 28, 2020, the IRS released Notice 2020-65 to provide for the implementation of the Executive Order signed by President Trump on August 8, 2020, in response to the ongoing COVID-19 pandemic. The Executive Order instructed the Secretary of the Treasury to defer the withholding, deposit, and payment of employee Social Security taxes … Continued

COVID-19 Relief Executive Orders

On Saturday, August 8, 2020, President Trump signed four Executive Orders to provide additional economic relief during the ongoing pandemic. The Executive Orders addressed unemployment, payroll taxes, student loans, and evictions. On July 31, 2020, the federally enhanced unemployment payments ended. The Executive Order gives those on unemployment an additional $400 per week, with $300 … Continued

Louisiana Main Street Recovery Grant Program

The Louisiana Main Street Recovery Program will begin on July 28, 2020, providing award grants to assist Louisiana small businesses in their recovery from the economic impacts of COVID-19. The program is administered through the Louisiana Department of Treasury. The funds for the Program were part of the CARES Act funding the State of Louisiana … Continued

IRS guidance provides RMD rollover relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs … Continued