Do You Need an Economic Injury Disaster Loan?

Even before the pandemic, the Small Business Administration offered Economic Injury Disaster Loans for “losses not covered by insurance or funding from the Federal Emergency Management Agency (FEMA) for both personal and business” expenses and for...

IRS Provides Additional Guidance on Food Deduction

The IRS has issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a...

IRS to Recalculate Taxes for Unemployment Break

Legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020...

IRS Grants More Due Date Breaks

The IRS has announced that individuals have until May 17, 2021, to meet certain deadlines that would normally fall on April 15. This follows a previous announcement from the IRS on March 17, that the federal income tax filing due date for individuals for the 2020 tax...

Senate passes PPP deadline extension

Reposted from a Journal of Accountancy March 25, 2021 news article. A bill to move the Paycheck Protection Program (PPP) application deadline from March 31 to May 31 won approval in the U.S. Senate on Thursday. The final vote to approve the PPP Extension Act of 2021,...

IRS Issues Guidance on the Employee Retention Credit and Paycheck Protection Program Eligibility

The Internal Revenue Service released new guidance for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.  Notice 2021-20 issued on March 1, echoes information the IRS provided in...
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