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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
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
The Consolidated Appropriations Act, 2021 (CAA) and the Economic Aid Act, set forth therein, have extended and expanded the Employee Retention Credit (ERC) affording many taxpayers yet another avenue of realizing
In anticipation of the revised PPP loan process opening to all lenders on January 19, 2021, the U.S. Small Business Administration (SBA) released procedural guidance for borrowers who wish to
While most business professionals have at least a passing understanding of the PPP, far fewer have spent time looking at the ERC. This post provides additional details. GYF will also
UPDATED JANUARY 14, 2021 On January 8, 2021, the U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced that the Paycheck Protection Program (PPP) will re-open
The U.S. Small Business Administration (SBA) and Treasury issued guidance on January 6, 2021, to provide details on the next round of the Paycheck Protection Program (PPP), which was created
On January 4, 2021, the Internal Revenue Service released Notice 2021-7, granting relief to certain employers and employees using the “automobile lease valuation rule” to determine the value of an
