Late Monday evening, Congress approved The Consolidated Appropriations Act, 2021 (the Act) that contained a number of tax provisions, but more importantly, a number of additional COVID-19 relief measures for individuals and businesses.
Highlights of the Act are as follows:
- Additional direct stimulus payments to individuals
- Paycheck Protection Program expenses paid from PPP grants are now tax deductible
- Round 2 of the Paycheck Protection Program has been authorized for businesses that can show revenue declines of 25%
- Enhanced tax credits provided for employee retention and sick and family leave
- Return of 100% deduction for meals
As the details of the bill come out, we will follow up with additional information as more is released. Please contact us for clarifications and additional information.
Categories: Tax, Tax Planning, Small Business, COVID-19 Resources
