In December 2020, Congress passed the Consolidated Appropriations Act, 2021. The Act includes the COVID-related Tax Relief Act of 2020, which provides for the full deductibility of business expenses paid with PPP loan funds. A Refresher: What are PPP Loans? The Paycheck Protection Program (PPP) is a Small Business Association (SBA)-backed loan to help businesses […]
Archives for March 2021
Small Business Health Care Tax Credit
Eligible small employers who provide health care coverage to their employees can receive a Small Business Health Care Tax Credit from the federal government. Here is what you need to know about who qualifies and how to take advantage of the credit. What is the Small Business Health Care Tax Credit? Small business owners make […]
Employee Retention Tax Credit
Eligible employers are entitled to an Employee Retention Tax Credit (ERTC) of up to 70 percent of the first $10,000 in wages and certain health care plan expenses paid per employee for each of the first two quarters of 2021. This is in addition to an ERTC of up to 50 percent of the first […]
Business Meals are Deductible Again: Here’s What You Need to Know
The Consolidated Appropriations Act of 2021 brings a favorite business tax deduction back to life. The so-called “three-martini lunch” is in vogue once again; however, not everyone is happy about it. So, what does this mean for businesses? Read on to learn more about the deduction and the associated pros and cons. What is the […]