Expanded Eligibility for the Employee Retention Credit
Under the Act, employers can receive a maximum credit of $14,000 per employee for the first two quarters of 2021.
Key Provisions of the New COVID-19 Relief Bill
Both chambers of Congress overwhelmingly passed a new $900 billion COVID-19 relief bill on Monday night. In addition to funding the federal government through September 2021, the legislation includes several provisions that will affect both individuals and businesses. Here are some of the highlights:
IRS Releases Guidance on Tax Treatment of PPP-Funded Expenses
Did your small business take advantage of the Paycheck Protection Program? The IRS has released guidance indicating that expenses paid with PPP loan funds cannot be deducted on the borrower’s tax return if the taxpayer expects the loan to be forgiven, but several bills have been introduced in Congress to clarify the intent of the CARES Act.