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Yesterday, President Joe Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (Act), which includes new pandemic-relief grants for small and mid-sized restaurants and bars; expansion of the Paycheck Protection Program; added flexibility under the Shuttered Venue Grants program; additional targeted relief grants for small businesses in low-income communities; and an extension and expansion of the Employee Retention Tax Credit program. Below are key details of these provisions in the new Act. Companies should consider these various programs, in addition to those available at the state and local level, as a means to continue to weather the COVID-19 pandemic, while being mindful of the appropriate compliance controls.
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The Democrats’ “sweep” of the White House and both chambers of Congress means that it is all but inevitable that tax legislation will be introduced in 2021, but the razor-thin nature of the Democrats’ majority in Congress could mean that only a few of President Biden’s proposals will ultimately be enacted this year. Because President Biden’s tax plan is unlikely to receive the support of the 60 senators needed to avoid a Senate filibuster, the Democrats will likely need to rely on the reconciliation process to pass tax legislation, and the reconciliation process limits the scope and duration of some legislation. The Democrats will also likely need the support of more conservative Democrats, such as Senator Joe Manchin of West Virginia. In addition, while President Biden has broadly proposed certain tax law changes, he has not released a technical explanation of his tax plan, and his proposals have not been fles
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here, tax practitioners were concerned that, because forgiveness of a PPP loan does not cause the borrower to recognize cancellation of indebtedness income, if a taxpayer paid otherwise deductible expenses using the proceeds of a PPP loan that is forgiven, those expenses would not be deductible for federal income tax purposes because the Internal Revenue Code and Treasury regulations provide that no deduction is allowed to the extent the amount is allocable to tax-exempt income. The IRS confirmed these fears by announcing that expenses paid with the proceeds of a PPP loan that is forgiven, or with the proceeds of a PPP loan that the borrower reasonably expects to be forgiven, are not deductible.
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