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.
The long-awaited $900 billion COVID Relief Package was passed by the House of Representatives and approved by the Senate late on December 21, 2020. The legislation, headed to President Trump’s desk for his signature, includes important updates to the Paycheck Protection Program (PPP).
Despite states relaxing shelter-in-place and work-from-home mandates, most employers continue to allow employees to work remotely. Employees have since transitioned to exclusively working from their home offices, vacation homes or other remote locations.
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.
On December 9, 2020, the Small Business Administration (SBA) updated a set of “frequently asked questions” (FAQs) concerning the Paycheck Protection Program (PPP). The SBA released FAQ #53 to explain why recipients of PPP loans of $2 million or more are receiving Loan Necessity Questionnaires.
Bennett Thrasher, one of the largest and fastest-growing certified public accounting and consulting firms in the country, is pleased to announce it has been named a Best Tax and Accounting Firm in the United States by Forbes for the second consecutive year.
On November 9, 2020, the IRS issued Notice 2020-75 announcing that Treasury and the IRS plan to issue proposed regulations to clarify that state and local income taxes imposed on and paid by partnerships and S corporations are not subject to the $10,000 SALT cap for their partners or shareholders.
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.
The BT Foundation is proud to announce it has donated 128 boxes of food to the Center for Family Resources’ annual Thanks for Giving food drive. This year’s food drive provides Thanksgiving meals and pantry staples for individuals and families in Cobb County who have been directly impacted by COVID-19.
Bennett Thrasher, one of the largest and fastest-growing certified public accounting and consulting firms in the country, is pleased to announce it has been selected to online career resource Vault.com’s 100 Best Internships and Best Internships for Employment Prospects lists.
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