The original Employee Retention Credit was created by the CARES Act in March 2020. Because this credit was not available to taxpayers that received loans from the Paycheck Protection Program (PPP), many taxpayers were not eligible to claim this credit. On December 27th, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. Under…
On December 27th, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. One of the larger provisions of this Act made some adjustments to the Paycheck Protection Program (PPP) and created another round of PPP loans for taxpayers who have not already received a loan (First Draw), as well as taxpayers who previously…
On December 27th, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. One of the provisions of this act provides for additional Economic Impact Payments to be made to taxpayers beginning in January 2021. The amount of these payments are based on information reported on 2019 tax returns. The maximum payment that can…
On December 27th, President Trump signed the Consolidated Appropriations Act, 2021 (CAA). One of the provisions of this act provides that all expenses paid with proceeds of forgiven PPP loans are now deductible for tax purposes. The IRS had previously agreed that the PPP loan forgiveness did not represent taxable income, but argued that any…