This article is part of a series in which Brooks Pierce highlights clients that are going above and beyond to help combat the effects of the COVID-19 crisis in their communities.
Biscuitville, a Greensboro, North Carolina-based quick-service restaurant, is known for its scratch-made biscuits and homestyle Southern breakfast food. In the wake of the chaos caused by COVID-19, the restaurant used these core strengths to support multiple philanthropic efforts.
When the world began to change with the onset of the virus, Biscuitville began seeking out local organizations to partner ... Read More
The Coronavirus Aid, Relief, and Economic Security Act (CARES) enacted on March 27, 2020 contained several significant business-related tax changes highlighted below. Many of these changes are limited in the period to which they apply, and several have retroactive application that may require filing an amended tax return in order to claim the full benefit available.
Business Interest Deductions
The amount of a taxpayer’s business income that may be offset by business interest generally is limited to 30%. CARES increases this limit to 50% for 2019 and 2020, subject to special ... Read More
Much of the focus of the attention generated by the CARES Act has been on the Payroll Protection Program (PPP) through the Small Business Association. Loans through the PPP have the potential to be forgiven on a tax-free basis. Please see our client alert for a discussion of the PPP.
The CARES Act also adds relief in the form of employee retention credits and a delay of employer payroll taxes highlighted below.
Employee Retention Credit
The Employee Retention Credit is a fully refundable payroll tax credit that qualifying employers may receive by continuing to fund ... Read More
- President Biden’s “Path out of the Pandemic” Imposes New Vaccination Requirements
- Updated CDC Masking Guidance; North Carolina Employers Strongly Encouraged to Implement COVID-19 Vaccination, Testing, and Mask Policies
- OSHA’s New Emergency Temporary Standard to Protect Healthcare Workers
- North Carolina Governor Extends Certain COVID-19 Measures
- New from OSHA on COVID-19: A COVID-19 Emergency Temporary Standard for Healthcare and Revised Guidance for All Other Employers
- Employer-Provided Incentives for Vaccinations—Finally Some Guidance
- Employers Considering Differential Treatment Based on Vaccination Status
- North Carolina Governor Lifts Mass Gathering and Social Distancing Limits and Most Mask Mandates
- North Carolina Governor Relaxes Outdoor Mask Mandate and Eases Mass Gathering Limit
- Availability of Health Insurance Subsidy Requires Employers to Act