On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA), an approximately $2.3 trillion omnibus appropriations bill to fund the government through September of 2021 that includes $900 billion of...more
The IRS recently updated its Employee Retention Tax Credit (ERTC) FAQs, providing additional guidance regarding the effect on ERTC eligibility of mergers and acquisitions involving Paycheck Protection Program (PPP) loan...more
The IRS has issued extensive FAQs addressing application of the employee retention tax credit (ERTC), including employer eligibility and determination of qualified wages. Enacted as part of the Coronavirus Aid, Relief, and...more
Ending weeks of speculation and debate, the IRS has issued guidance confirming that no deduction is allowed for an otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection...more
While many employers immediately seized on payroll tax deferral as an effective strategy to preserve cash, the IRS recently issued guidance that may further broaden its appeal. The Coronavirus Aid, Relief, and Economic...more
Businesses searching for immediate cash should not overlook the fully refundable employee retention tax credit (ERTC), which permits employers to reduce their deposits of federal employment taxes and even request advances...more
As promised, the IRS has begun to issue guidance assisting taxpayers in applying the retroactive aspects of the CARES Act. To address the disconnect between certain partnerships’ ability to file amended returns and the CARES...more
Employers navigating the incentives included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) must undertake the complex analysis of determining whether, and to what extent, they qualify for...more
On March 25, 2020, the Senate passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (the Act). Included in the Act’s wide-ranging stimulus provisions are a number of considerations relevant to individual...more