President Biden signs American Rescue Plan Act of 2021
$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.
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Guidance issued for employers claiming the Employee Retention Credit
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
Optimism abounds
While we are constructive on near-term markets, we will focus on the rebound in business activity following progress with the vaccine.
Exclusive access period coming to PPP; other changes forthcoming
Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.
Court holds fuel mixture credit must first offset excise tax liability
Tennessee district court holds credit against fuel excise taxes, reduces excise tax liability and must be deducted from production costs.
Ongoing updates to Coronavirus: Financial reporting considerations
Our coronavirus white paper has been updated for financial reporting matters related to the Consolidated Appropriations Act, 2021.
ASC 740: Year-end provision considerations for 2020
A roundup of considerations for companies while preparing income tax provisions for the year-ended Dec. 31, 2020.
IRS partially finalizes passthrough interest limitation regulations
Final regulations address self-charged interest and trading partnerships, but reserve on tiered partnerships and other items.
PPP reopening for first draw borrowers Jan. 11; second draw Jan. 13
Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
SBA releases guidance on PPP continued access program
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second-draw program.
SBA releases guidance on PPP second draw loans
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second draw program.
PPP eligibility expanded to certain section 501(c)(6) organizations
Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
Retirement plans under the Consolidated Appropriations Act, 2021
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
Permanent excise tax breaks for craft brewers, wineries and distillers
Industry backed legislation passed by Congress to make permanent excise tax rate reductions for craft beer, wine, and distilled spirits.
Congress passes law containing PPP tax fix; second-draw program
After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Congress passes appropriations bill, containing COVID-19 relief bill
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.