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The American Rescue Plan Act of 2021 (ARP or “the Act”) was signed into law by President Biden on March 11, 2021. The $1.9 trillion package follows the 2020 enactment
Long-awaited relief is on the way for Pennsylvania business owners in an industry that has been hit hard by the global pandemic. Restaurants, bars and other hospitality businesses that were
The Business Valuation & Litigation Support Services Group at GYF continues to monitor the impact the coronavirus pandemic has had on the U.S. economy. The vaccine rollout and the new
On February 22, 2021, President Biden announced new efforts to refocus federal pandemic assistance by targeting the nation’s smallest businesses through enhanced access to the Paycheck Protection Program (PPP). The
In a recent court ruling, the Indiana Supreme Court determined that “there is no blanket rule prohibiting agreements that call for open-market concepts to apply to compulsory, closed-market transactions.” In
The Taxpayer Certainty and Disaster Relief Act (TCDRA) of 2020, part of the Consolidated Appropriations Act, 2021 (CAA), included an important provision allowing taxpayers/employers who availed themselves of a First
The rules for business net operating losses (NOLs) have undergone several changes in recent years. Under the tax reform law known as the Tax Cuts and Jobs Act (TCJA), signed
As the Commonwealth of Pennsylvania’s General Assembly prepares for the start of a new legislative session, Governor Tom Wolf outlined his agenda on January 28, 2021. The agenda carries forward
The IRS issued a news release on January 27, 2021 to share important reminders for individual tax filers who are getting ready to process their 2020 federal tax returns. Note
In IR-2021-21, issued on January 26, 2021, the Internal Revenue Service encourages employers to take advantage of the newly-extended Employee Retention Credit (ERC), which makes it easier for businesses that
As you begin the new year, we would like to remind you of a number of important business changes that have been implemented by Congress, the Internal Revenue Service, and
On January 19, 2021, the U.S. Small Business Administration (SBA) and Treasury published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms. The newly released forms include: PPP Loan
