The Employee Retention Credit (ERC) incentivizes organizations to keep employees on the payroll during COVID-19, and with new rules, it’s possible to claim as much as $14,000 per employee in 2021.
The Tax Cuts and Jobs Act significantly reduced the number of taxpayers who itemize deductions (meaning those who actually see a tax benefit for donations made) beginning with the 2018 tax year.
Final Guidance on Business Interest Expense Deduction Limitation Under Section 163(j) in the CARES Act
Many U.S. companies took advantage of the Paycheck Protection Program, Economic Injury Disaster Assistance Loans, and other funding sources to shore up cash flow amid the coronavirus pandemic.
The IRS explains the taxability of Provider Relief Fund reimbursements made to health care providers pursuant to the CARES Act. (authored by RSM US LLP)
The Paycheck Protection Program helped more than four million businesses continue to pay their employees during the coronavirus pandemic.
Over the past several weeks, there has been a lot of attention regarding the tax provisions and federal loan programs such as the Paycheck Protection Program included in the CARES Act.