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Potential Tax Changes in House Version of Infrastructure Plan

On September 15, 2021, the House Ways and Means Committee approved certain tax provisions associated with President Biden’s $3.5 trillion infrastructure spending proposal and has recommended rolling back some recent tax cuts to pay for…

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To File or Not to File: IRS Extends Some Tax Deadlines

This week the U.S. Treasury Department announced it is delaying the income tax deadline for individuals from April 15, 2021 to May 17, 2021. This includes 2020 Form 1040 tax returns, extensions thereon and any…

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What You Need to Know About the American Rescue Plan

The American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11. The $1.9 trillion ARPA is the latest U.S. legislation package designed, among other things, to address the ongoing impacts on…

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COVID-19 Business Support

The coronavirus pandemic has introduced uncertainty into every facet of our lives. We are concerned about the health and safety of our families and friends, and many of us are grappling with significant business issues…

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A New Boss is in the (White) House: Possible Tax Changes that Could Affect Multinationals Doing Business in the U.S.

As the dust settles from an ugly political season, the inauguration of Joe Biden as the new U.S. president set in motion what many believe will be tax law changes that could impact multinational corporations…

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CAA Extends the Employee Retention Credit to More Struggling Businesses

The $900 billion Consolidated Appropriations Act, 2021 (CAA), which became law in December, provides additional pandemic-related financial relief to individuals and small businesses and addresses the disputed tax deductibility of business expenses paid with forgiven…

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New Legislation Provides More Forgivable Loans to Small Businesses and Other Tax Benefits

The President has signed into law the $900 billion Consolidated Appropriations Act, 2021 (CAA). It provides one-time relief payments to adults and children, adds to extended weekly unemployment benefits, and provides aid for small businesses…

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CARES Act Revisited: Expenses Paid with PPP Loan Now Deductible

Just in time to throw our year-end tax planning on its head, Congress overwhelmingly passed a $900 billion COVID-19 relief bill just before midnight on Monday that ensures tax deductibility for business expenses paid with forgiven Paycheck Protection…

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New IRS Guidance Allows, But Does Not Force, Employers to Postpone Withholding Payroll Taxes

In early August, President Trump signed an executive order declaring a payroll tax holiday. On Friday last week, the Internal Revenue Service issued guidance to address some of the logistical issues related to deferring payroll…

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New Answers to PPP Forgiveness Questions Published by SBA

The Small Business Administration (SBA) and Treasury Department published a new Frequently Asked Questions (FAQ) document on August 4, 2020 to address some of the processes and calculations Paycheck Protection Program (PPP) borrowers should use…

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The SBA Will Allow PPP Borrowers to Apply Early for Loan Forgiveness

Borrowers who received a Paycheck Protection Program (PPP) loan can apply for loan forgiveness before their covered period expires, according to new guidance released by the Small Business Administration (SBA) this week. Previous guidance gave…

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SBA Releases Revised PPP Loan Forgiveness Application, New EZ Loan Forgiveness Application and Additional Interim Final Rule

This week, the Small Business Administration (SBA) released a revised Paycheck Protection Program (PPP) loan forgiveness application and a new EZ application for PPP loan forgiveness along with instructions for the revised and EZ forms….

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