Additional 2020 Economic Impact PaymentsJanuary 4, 2021

Additional 2020 Economic Impact Payments

You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s …

Deductibility of Business Meals Provided by Restaurants in 2021 and 2022January 4, 2021

Deductibility of business meals

You’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details. In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the …

Consolidated Appropriations Act, 2021
AKA COVID-19 Relief PackageDecember 23, 2020

Consolidated Appropriations Act, 2021

Congress passed the 5000+ page Consolidated Appropriations Act, 2021 on Monday, December 21, 2020. Here are some highlights of that bill. Please note this has not yet been signed by President Trump and could be subject to change. Additional 2020 Recovery Rebates – Additional 2020 stimulus payments of $600 per taxpayer and qualifying children. The …

PPP: Simpler Forgiveness for Smaller LoansOctober 30, 2020

PPP: Simpler Forgiveness for Smaller Loans

Business owners who received a Paycheck Protection Program (PPP) loan of $50,000 or less can now apply for loan forgiveness through a simplified application. The U.S. Small Business Administration (SBA) announced the change on October 8, while Treasury Secretary Steven Mnuchin said the Treasury Department and SBA will continue to advocate for additional legislation in …

Telecommuting and Sales NexusAugust 18, 2020

Nexus Based on COVID-19 Telecommuting This chart shows which states have issued specific guidance on whether telecommuting employees temporarily working in a state due to the impact of COVID-19 create corporate income tax nexus for an employer who does not operate in that state. See Corporate Tax Chart This chart shows which states have issued …

PPP Forgiveness Applications on HoldAugust 5, 2020

PPP Forgiveness Applications on Hold

Paycheck Protection Program (PPP) borrowers who have completed their covered period and used their funds in line with the requirements for loan forgiveness will have to wait until at least August 10 to be able to submit a forgiveness application, pending economic stimulus legislation that will likely impact PPP forgiveness procedures. The Small Business Administration …

COVID-19 FAQs from the Occupational Safety & Health AdministrationJuly 20, 2020

COVID-19 FAQs from the Occupational Safety & Health Administration

The Occupational Safety and Health Administration (OSHA) is providing guidelines to help keep workers safe as businesses reopen during the ongoing coronavirus pandemic. Employers should look to OSHA’s COVID-19 FAQs for information on workplace sanitization, face coverings, healthcare, coronavirus testing, reporting, employee training and more. The page contains recommendations as well as descriptions of mandatory …