Assembly Bill 150 Update
California passed Assembly Bill 150 (AB 150), which allows qualified S corporations, partnerships, or LLCs to pay tax on their individual, trust, or estate owners’ share of the entity’s qualified […]
PPP Application Deadline Extended
President 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, […]
AMERICAN RESCUE PLAN ACT (ARPA) MODIFICATIONS TO THE EMPLOYEE RETENTION TAX CREDIT IN 2021
The American Rescue Plan Act (ARPA), signed by President Biden on March 11, 2021 provided modification and extension of the employee retention tax credit (ERTC). Background. Congress originally enacted the […]
The American Rescue Plan Act has passed: What’s in it for you?
Today, March 11, 2021, President Biden signed into law the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. […]
PPP revisions target smallest businesses
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 […]
What do the 2021 cost-of-living adjustment numbers mean for you?
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 […]
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 […]
Additional 2020 economic impact payments
You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of […]
Update to original Paycheck Protection Program loan rules
You have asked me about the tax consequences of the Paycheck Protection Program (PPP) loans you have taken out in connection with the coronavirus (COVID-19) crisis. You have told me […]
2020 COVID relief bill provisions affecting individual taxpayers
Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) […]