On Sunday, December 27, President Trump signed the Consolidated Appropriations Act, 2021 (CAA, 2021). The Act contains numerous individual, business, payroll, disaster, and energy-related tax provisions, as well as tax extenders. Many of the provisions, including the deductibility of expenses used with PPP loans as well as $600 stimulus payments, and an extension of payroll…
The CARES (Coronavirus Aid, Relief, and Economic Security) Act may be best known for its provisions designed to shore up the economy as the nation copes with the COVID-19 pandemic. These include distributing Economic Impact Payments to individuals and offering Paycheck Protection Program (PPP) loans to businesses. But the act also includes several provisions that…
It has become a cliché in 2020, but what word other than “unprecedented” can be used to describe the events we’ve experienced this year? During such times, tax planning is far from top of mind. But it’s still important. Smart tax planning can soften the impact of an uncertain economy and provide much-needed relief to…