Stimulus Information

CCA – COVID 19 – Families First Coronavirus Response Act (FFCRA)

Changes to Paid Sick Leave and Family Leave Credits On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA includes the Additional Coronavirus Response and Relief (ACRR), which contains provisions that extend the refundable tax credits associated with mandatory paid sick and family leave under the FFCRA. Background. Effective […]

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PPP 2nd Draw

Dear Client: At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to

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PPP Loans – New Stimulus changes

NEW STIMULUS BILL MAY AFFECT YOUR TAX PLANNING  Tax deductibility for PPP expenses The bill specifies that business expenses paid with forgiven PPP loans ARE tax-deductible. This supersedes IRS guidance that such expenses could not be deducted and brings the policy in line with what the AICPA and hundreds of other business associations have argued was Congress’s intent when

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