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UPDATE CAA – Presidential Memoranda Deferral of Employee Social Security Taxes

Social Security Taxes /

Update on Social Security withholdings deferral On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA extends provisions relating to the Presidential Memoranda to Defer Employee Social Security Taxes.  Additional details are provided below in our previous e-mail sent August 31, 2020. the date employers will be required […]

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CAA Payroll Provisions: Employee Retention Credit Expansion and Extension

CARES Act, Employee Retention Tax Credit (ERTC) /

Employee Retention Credit update On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), which extends and expands upon the Employee Retention Credit (ERC) provided by the CARES Act. Background. Under the CARES Act, the ERC provides a

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

COVID, Stimulus Information /

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

COVID, Stimulus Information /

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

Stimulus Information /

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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Year-End Items

Taxpayer Information /

As year-end approaches, taxpayers are generally faced with a number of choices that can save taxes this year, next year or both. To help you take advantage of some special tax saving opportunities, we have put together a list of items to consider. Please review the list and contact us if you need additional information

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