Business Tax Provisions of the American Rescue Plan Act of 2021 COVID-19 Business Update Tax Group Contained within the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) are a number of business provisions that are outlined below: Employee Retention…
Economic Disaster Injury Loans (EIDL) Payments Deferred to 2022 by SBA COVID-19 Business Update The U.S. Small Business Administration (SBA) has extended deferment periods for all of its disaster loans, including the COVID-19 EIDL loans. The deferral details differ depending…
Key Tax Provisions of the American Rescue Plan COVID-19 Business Update Tax Group The American Rescue Plan (ARP), which was recently signed by President Biden, includes a number of key tax provisions. Many will be enacted solely for the 2021…
Momentum Building to Extend 2021 Tax Filing Due Date to July 15 COVID-19 Business Update Tax Group Momentum is building to extend the 2021 tax filing deadline from April 15 to July 15 given the strain that the COVID-19 pandemic…
New Rule Provides For Larger PPP Loans For Schedule C Self-Employed Businesses COVID-19 Business Update Tax Group The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit…
A Large Number Of States Are Taxing Companies Over PPP Loans That Will Be Forgiven COVID-19 Business Update Cross Border Tax Services The majority of borrowers of Paycheck Protection Program (PPP) loans will apply for and receive forgiveness of these…
Two Week Period Where Only Businesses With Less Than 20 Employees Can Apply For PPP Commences 2/24 COVID-19 Business Update The Biden administration has instituted a two-week period starting Wednesday, February 24th during which only businesses with fewer than 20…
House Ways and Means Committee Advances Pandemic Aid Package without Repealing SALT $10,000 Deduction Cap Hold the SALT! It would appear that a repeal of the $10,000 limit on previously unlimited deductions on state and local tax (SALT) will not…
What is a Special Purpose Acquisition Company (SPAC) and why are they all the current rage for going public? Special purpose acquisition companies, otherwise known as SPACs, a popular vehicle for privately held businesses to enter the public market has…
Potential NOL Carryback Limitations for NYC Partnerships and LLCs Under the CARES Act, a net operating loss (NOL) generated in 2020 can be carried back as much as five years which will allow taxpayers to receive tax refunds based on the…