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COVID Relief Package Expands the Employee Retention Credit, Permits Full Expensing of Business Meals and Extends Charitable Giving Incentives

By Business Tax, Credits & Incentives, Insights, Tax Planning & Consulting

The $900 billion COVID Relief Package, passed by Congress on December 21, 2020 and headed to President Trump’s desk for signature, contains a number of tax provisions to assist individuals and businesses, in addition to authorizing funding for second rounds of individual stimulus payments and PPP loans.

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Uncertainty Complicates 2020 Year-End Tax Planning

By Business Tax, High Net Worth Individuals, Individual Tax, Insights, Tax Planning & Consulting, Trusts & Estate Planning

As 2020 comes to a close, individuals and businesses are looking to carry out their year-end tax planning in a potentially changing political landscape. Although Vice President Joe Biden is expected to be sworn in as president on January 20, 2021 and Democrats have maintained control of the House of Representatives, the Senate remains undecided because of two run-off races in Georgia scheduled for January 5, 2021.

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IRS Doubles Down on Non-Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds

By Business Tax, Insights, Tax Planning & Consulting

Since the IRS issued Notice 2020-32, PPP borrowers and their advisors have questioned whether they can deduct forgivable expenses paid with PPP loan proceeds on their 2020 tax returns if the loan will not be forgiven until 2021. On November 18, 2020, the IRS released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 resolving the timing issues related to PPP loan forgiveness and the deductibility of related PPP expenses.

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