The Consolidated Appropriations Act of 2021, enacted late last year, includes several tax related changes and incentives affecting businesses.
Congress overruled guidance from the Internal Revenue Service to provide that expenses paid with Payroll Protection Program loans (PPP) will be deductible even if the PPP loans are forgiven. The new law also clarifies how forgiveness works in the context of a partnership or S corporation.
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
- Discrimination Against Caregivers: New Guidance from the EEOC
- Pick Your Backlash: Deciding on a COVID-19 Vaccination Policy Means Backlash for Employers, Regardless of the Policy They Implement
- Vaccine or Test For Large Employers on Hold Again, But Medicare and Medicaid Facilities Must Ensure Covered Staff Are Vaccinated
- Mandatory Vaccination or Testing Is Back: Updates on OSHA’s COVID-19 Vaccination and Testing Emergency Temporary Standard for Private Employers with 100 or more Employees
- OSHA Issues New COVID-19 Vaccination and Testing Emergency Temporary Standard for Private Employers with more than 100 Employees
- 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