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New Guidance on Tax Treatment of PPP Eligible Expenses
On November 18, 2020, the U.S. Treasury Department and Internal Revenue Service released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 clarifying the tax treatment of expenses that are eligible for PPP loan forgiveness.
Consider Reevaluating Your Tax Plans Based on the Outcome of the Presidential Election
Now that Joe Biden has been projected as the winner of the presidential election by major news outlets, you may wonder if your federal taxes will be affected. President-elect Biden campaigned on a broad agenda, including a pledge to roll back many of President Trump’s tax policies.
Mayor Lightfoot Announces Grants and Other Emergency Relief for Chicago Restaurants and Bars
On November 5, Mayor Lightfoot announced several initiatives designed to help Chicago restaurants and bars — and their workers — that have been hit hard by closures, reduced capacity limits and other measures taken to mitigate the impact of the COVID-19 pandemic.
Move Over 1099-Misc, The IRS Has Released a New 1099-Nec Form for 2020
The IRS has released a new form for the tax year 2020 – Form 1099-NEC – which you will need to become familiar with. This Client Alert will provide you with some general guidelines and resources to help you determine which form you need to file. It will also address questions that we often receive from clients.
What do the 2021 Cost-Of-Living Adjustment Numbers Mean for You?
The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning.
IRS Announces 2021 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) recently announced 2021 cost-of-living adjustments for retirement and health and welfare plans and transportation programs.
Unusual Year Steers Year-End Tax Strategies
Like so many things this year, the recommended practices for your annual year-end tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020.
Paycheck Protection Program Revised Forgiveness Application for Small Loans
On October 8, 2020, the Small Business Administration (SBA) provided a simplified PPP loan forgiveness application, Form 3508S, for borrowers with loans of $50,000 or less and new guidance concerning these small loans along with form instructions.
Compare and Contrast: How do the Republican and Democratic Tax Plans Differ?
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals.
Providing Employees With Tax-Free COVID-19 Assistance: What Employers Need to Know
Are your employees struggling with unexpected medical, work-from-home, childcare or other expenses as a result of the COVID-19 pandemic? If so, a little-known tax law allows you to make tax-free payments to employees to help them cover these expenses.