Guidance on tax relief for deductions for food or beverages from restaurants
Businesses can temporarily deduct 100% beginning Jan. 1, 2021 The Treasury Department and the Internal Revenue Service issued guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The…
Certain States to Tax PPP Loan Forgiveness
Amid the COVID-19 pandemic, the Paycheck Protection Program has afforded millions of small businesses the option to keep their doors open and their employees working during these challenging times. Many…
Flexibility for Health FSAs and Dependent Care
The IRS has released guidance on temporary special rules under the Taxpayer Certainty and Disaster Relief Act of 2020 for health flexible spending arrangements (FSAs) and dependent care assistance programs…
Underpayment Penalty Relief on Certain Excess Business Losses
The IRS has granted relief by providing a waiver on estimated tax underpayment penalties incurred solely as a result of certain excess business loss related payments for tax years beginning…
Regulations Clarify Rules Related to HRAs
The IRS has released final regulations clarifying the application of the employer shared responsibility provisions and certain nondiscrimination rules to health reimbursement arrangements (HRAs) and other account-based group health plans…
Exclusion for Employer Payments of Student Loans
The Consolidated Appropriations Act, 2021 Act provides tax relief and tax incentives for individuals and businesses alike. Included in the numerous tax provisions is a five-year extension of the exclusion…
2021 Tax Planning: Optional Standard Mileage Rates
Businesses generally can deduct the entire cost of operating a vehicle for business purposes. Alternatively, they can use the business standard mileage rate, subject to some exceptions. The deduction is…
Changes to Medical and Dental Expenses
The Consolidated Appropriations Act, 2021, includes changes to tax benefits for medical expenses. The Act provides for a permanent reduction in the medical expense deduction threshold from 10% to 7.5%…
New law extends COVID tax credit for employers who keep workers on payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to…
Modifications and Relief for Retirement Plans
The Consolidated Appropriations Act, 2021 provides emergency assistance and health care response for individuals, families and businesses as a result of the Coronavirus (COVID-19) pandemic. The Act also provides relief…
