Author: Ali Carbo
The Employee Retention Credit (ERC) became more relevant for many employers with the passage of recent tax laws. The credit is now eligible for Paycheck Protection Program (PPP) borrowers and the credit extends through December 2021. The IRS recently issued guidance on the 2020 credit, such as eligibility requirements and...
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The U.S. Supreme Court will hear a case regarding certain issues related to the Affordable Care Act (ACA) in the next 12 months. If the ACA is ruled unconstitutional, it could eliminate the net investment income tax and Medicare surtax. These taxes applied to certain taxpayers with income in excess...
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President Trump signed into law today the Paycheck Protection Program Flexibility Act, which addresses many concerns expressed by the business community. The Small Business Administration will need to update their guidance, but here are the highlights: Businesses have 24 weeks to spend the funds instead of 8 weeks to be...
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The IRS released guidance disallowing business deductions to the extent of eligible loan forgiveness under the Paychecks Protection Program (PPP). The CARES Act created the Paychecks Protection Program to add liquidity to businesses by issuing forgivable loans through the Small Business Administration (SBA) for expenses such as payroll, employee benefits,...
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The CARES Act includes a provision allowing employers and the self-employed to defer a portion of social security tax payments for the remainder of 2020. Employers All employers are eligible to defer payment of the employer portion of social security taxes on wages paid from March 27, 2020 through December...
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