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    Month: December 2020

    PPP Expense Deductibility

    The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law.  While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions.  The Act allows a deduction for expenses paid with PPP...

    2nd Round of PPP Loans

    The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law.  While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions.  The Act extends the Payroll Protection Program (PPP),...

    More PPP Forgiveness Simplification

    The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law.  While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions.  For loans of $150,000 or less, the Act directs the Sm...

    Extension of Expiring Provisions

    The House of Representatives and the Senate both passed the Consolidated Appropriations Act of 2021 on December 21, 2020, and the President is expected to sign it into law.  While the main purpose of the Act is funding the federal government through the end of the government’s current fiscal year, it includes many tax-related provisions.  Charitable Deduction for Non-Itemizers: The special r...