Plan sponsor actions to incorporate the provisions of the SECURE and CARES Acts into their plan documents and plan administration.
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
Our coronavirus white paper has been updated for financial reporting matters related to the Consolidated Appropriations Act, 2021.
A roundup of considerations for companies while preparing income tax provisions for the year-ended Dec. 31, 2020.
Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.