The ERC has been expanded and increased, but it’s also not too late for employers who are eligible for the ERC to amend their 2020 employment tax returns.
Am I Eligible for the ERC?
Tag: CARES Act
Tax Credits and Incentives for Businesses in 2021
There are a number of tax credits and incentives that businesses can take advantage of to help offset the losses experienced during the pandemic.
Enhanced Charitable Deductions in 2021
Last year’s CARES Act enhanced several tax incentives for charitable deductions for donations made through the end of 2021. Here’s a summary.
Make the Most of Depreciation Deductions to Reduce Your Tax Bill
Construction companies need to make the most of depreciation deductions that can reduce their tax bills.
Keep Employees on your Payroll with the Employee Retention Tax Credit
Employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit, which has been extended and enhanced.
PPP Loans Reopen: Tax Consequences Change
The Small Business Administration (SBA) announced that PPP loans reopened the week of January 11. Here’s a look at the tax consequences.
PPP Guidance Issued for Second-Draw PPP Loans
New guidance for the PPP program has been released related to second-draw PPP loans that were authorized by the Consolidated Appropriations Act.
First-Year Bonus Depreciation for QIP: Is it Better than 15-Year Depreciation?
Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property and first-year bonus depreciation.
3 CARES Act Modifications that Ease Rules for Some Tax Losses
The CARES Act eases the rules for claiming certain tax losses and liberalizes rules for NOL carryforwards. Here’s a look at the modifications.
Business Interest Expense Limitations Relaxed by CARES Act
The CARES Act temporarily relaxes the limitation on deductions for business interest expense. Here’s the story.