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Happy Birthday, Employee Retention Tax Credit: Congress’s Gift to Cash-Strapped Employers Extended Through December 31

The Employee Retention Tax Credit (“ERTC”) has been expanded and extended further, providing relief to small and large employers affected by COVID-19 business disruptions. As we approach the one-year anniversary of its...more

Key Tax Provisions of $1.9 Trillion COVID-19 Aid Package

At $1.9 trillion, the American Rescue Plan Act of 2021, signed into law by President Biden on March 11, 2021, is the largest aid package passed by Congress since the start of the pandemic. With the Rescue Act, Congress hopes...more

Bipartisan Relief Bill Seeks to Allow Tax Deduction for PPP Loan Expenditures

On Monday, December 14, Senator Joe Manchin (D-WV) and Senator Susan Collins (R-Maine) introduced the “Emergency Coronavirus Relief Act of 2020,” which would provide another round of relief to combat the economic fallout...more

IRS Expands on Disallowance of Deductions for Expenses Paid With PPP Loan Proceeds

The IRS has confirmed that a taxpayer who received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in the CARES Act may not deduct those expenses in the taxable...more

Senate Republicans Propose Additional Tax Relief in HEALS Act

The tax provisions of the HEALS Act would expand upon and modify several provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the employee retention tax credit, while also introducing...more

PPP Flexibility Act Removes Bar on Deferral of Employer Portion of Social Security Taxes for PPP Loan Recipients

On Friday, June 5, 2020, President Trump signed into law H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”), modifying certain provisions of the CARES Act related to the forgiveness...more

House Democrats Propose Additional Tax Relief and Reform Measures in HEROES Act

On May 12, the House Democrats introduced an aspirational tax package within the Health and Economic Recovery Omnibus Emergency Solutions Act (the “HEROES Act”), which lays out their starting point in negotiations with the...more

IRS Bars Potential Double Tax Benefit for Use of PPP Loan Proceeds

Under IRS Notice 2020-32, no deduction is allowed for a payment that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to the CARES Act and the income associated with such...more

Congress Battles COVID-19 Crisis with Tax Relief Provisions in Major Stimulus Bills

As our country grapples with the health, economic, and social impacts of COVID-19, the U.S. Congress has weaponized the U.S. tax law to provide economic stimulus and soften the financial blow dealt by COVID-19 through two key...more

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