What are the proposed tax changes affecting individual taxpayers and what should you consider today to limit your exposure to these changes?
House proposed changes – What should wealthy individuals consider?
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IRS issues employee retention credit gross receipt exclusion procedure
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
Paid leave for employees impacted by COVID-19 in 2021
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
SBA formally withdraws loan necessity questionnaire
Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
White House releases President’s budget, Treasury Greenbook
Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
IRS provides guidance on deductions for food or beverages
Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.
The IRS provides further guidance on the Employee Retention Tax Credit
The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
Senate passes extension of Paycheck Protection Program to May 31
PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
North Carolina Job Retention Grant program applications due Sept. 1
Eligible businesses that did not receive certain other COVID-19 relief may qualify for grants up to $250,000.