PPP forgiveness and expenses: State tax implications
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
House proposed changes – What should wealthy individuals consider?
What are the proposed tax changes affecting individual taxpayers and what should you consider today to limit your exposure to these changes?
Being deemed essential doesn’t preclude ERTC eligibility
Construction firms forced to reduce or cancel operations by jurisdictional order may meet employee retention credit eligibility requirements.
Performing a 401(k) retirement plan self-checkup
When an employer sponsors a retirement plan for its employees, it must carefully consider, and continually monitor, the plan provisions.
IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
IRS issues PPP expense deduction safe harbor for fiscal year taxpayers
IRS safe harbor for fiscal year taxpayers on accounting period in which to deduct PPP expenses provides choices and certainty.
Tax aspects of President Biden’s American Jobs Plan
Washington National Tax summarizes key tax aspects of President Biden's American Jobs Plan and the Made in America Tax Plan.
Employee Retention Credit: Answers to frequently asked questions
The Employee Retention Credit provides liquidity benefits for many businesses and was significantly expanded for 2020 and 2021.
Exclusive access period coming to PPP; other changes forthcoming
Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.
Employee retention tax credit significantly expanded for 2021
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
PPP reopening for first draw borrowers Jan. 11; second draw Jan. 13
Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
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