Firm Insights

The 11th Hour: Tax Planning for the Final Days of 2020

By L. Ross Gaddis / December 30, 2020 / Comments Off on The 11th Hour: Tax Planning for the Final Days of 2020

If there is one word that can describe tax planning for a broad cross-section of America this year, it would be “hesitant.” Let me assure you it’s completely understandable – tax planning can mean spending money now to take advantage of a deduction, credit, or exclusion for the current tax year. Considering many businesses and…

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We’re Back…And so is the Government with Another Round of PPP and EIDL Funding

By Michelle F. Schwerin / December 24, 2020 / Comments Off on We’re Back…And so is the Government with Another Round of PPP and EIDL Funding

Late in the evening of Monday, December 21, 2020, Congress passed the Consolidated Appropriations Act—a holiday gift to the tune of $900 billion—which contains the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. For businesses and independent contractors that considered or participated in The CARES Act programs, this new law looks like a…

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Sweet Relief: Stimulus Bill Would Confirm PPP Borrower Tax Relief – Consolidated Appropriations Act of 2021

By Laura E. Krebs Al-Shathir / December 23, 2020 / Comments Off on Sweet Relief: Stimulus Bill Would Confirm PPP Borrower Tax Relief – Consolidated Appropriations Act of 2021

On December 21, 2020, Congress passed the much anticipated COVID-19 relief legislation (Consolidated Appropriations Act, 2021 (“CAA, 2021”), sending the bill to President Donald Trump to sign. In CAA 2021, Congress delivered clarity to PPP loan borrowers in confirming that business expenses paid with the proceeds of subsequently-forgiven PPP loans ARE deductible. The bill provides…

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