Posts Tagged ‘Business Tax’
3 Ways the New COVID-19 Relief Bill Impacts Your Business
30-Second summary: In addition to providing a new round of stimulus payments, the American Rescue Plan Act contains a host of provisions that will offer financial relief to businesses affected by COVID-19. If eligible, businesses stand to benefit most from the extended Employee Retention Credit, the launch of the Restaurant Revitalization Fund and expanded Provider…
Read MoreIRS Declines to Extend Due Date for First-Quarter Estimated Tax Payments
At a glance: The IRS has confirmed its extension of the filing due date for 2020 individual income tax returns to May 17, 2021. This extension also applies to the due date for making 2020 contributions to an individual IRA, Roth IRA, health savings account (HSA), Archer medical savings account (MSA) and Coverdell education savings…
Read MoreThe Newly Extended Solar Investment Tax Credit Can Brighten Your Business
Despite the news coverage, the Consolidated Appropriations Act, signed by President Trump on Sunday, December 27, 2020, contains more legislation than just the second round of individual stimulus checks. The massive omnibus bill covers everything from pandemic relief to foreign aid and includes significant wins for the renewable energy sector. Introducing the Energy Act of 2020…
Read MoreTax Implications of PPP Funds Finally Align with Congressional Intent
On December 20, 2020, Congress agreed to terms of the Emergency COVID Relief Act of 2020 (the Act). The Act, which will provide an additional $900 billion of funds to stimulate the economy, includes significant changes to the Paycheck Protection Program (PPP). President Trump signed a one-day extension of government funding to prevent a government…
Read MoreImportant Changes to 1099 Filing Process
The IRS has made changes to the annual 1099 filing process that most employers have become accustomed to. These changes will be in effect for the 2020 tax year and employers can expect a new process and set of forms to complete. This reporting change comes alongside increased penalties for failure to file and/or provide…
Read MoreNew Clarity on M&E Deductions Give a Little Wiggle Room
On September 29, 2020, the IRS published the long-awaited final regulations on the deductions for meals and entertainment (“M&E”) expenses. While the final regulations are largely similar to those proposed earlier this year, there are some key changes and clarifications that could impact your company’s bottom line if you have historically taken advantage of M&E…
Read MoreIRS Issues New Guidance on Reporting PPP Loan Forgiveness
As more recipients of the PPP loan take steps towards receiving the loan forgiveness provided through the CARES Act, the IRS is releasing more information and guidance for both lenders and borrowers. Most recently, the IRS announced a change in how lenders should handle forgiveness from a filing perspective, deviating from the typical processes when…
Read MoreIs Your Company Eligible for the Employee Retention Credit?
If you aren’t familiar with the Employee Retention Credit (“ERC” ) yet, you probably want to check out the first article in our series on this valuable tax credit opportunity. In short, the ERC is a fully refundable tax credit for companies experiencing severe business disruptions due to COVID-19. Employers can receive up to $5,000…
Read MoreStrategic Partners Sell Side Timeline
Private Equity Webinar Series Session 1: The COVID-19 Tax Tool Kit
Join Aprio Private Equity for a new webinar series, COVID-19 Private Equity Reset: Creating Value in a New World. Watch the first webinar now, as our expert panelists discuss tax strategies to improve cash-flow, including how to take full advantage of the new CARES Act rules. Investors and mid-market executives looking to optimize their tax strategy…
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