The Employee Retention Credit provides liquidity benefits for many businesses and was significantly expanded for 2020 and 2021.
Stimulus legislation extends through 2021 the 100% of AGI deduction for itemizers and availability of a deduction for non-itemizers.
Colorado enacts law restoring certain deductions related the to the CARES Act for both business and individual taxpayers.
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
Employers may wish to pay Social Security taxes deferred under the CARES Act before the due date and should consider certain items.