Mar 2, 2021 | COVID-19 Response, Firm Updates
Qualified wages for which the employer claims the employee retention credit are excluded from payroll costs paid during the covered period that qualify for forgiveness under PPP. Section 2301(g)(1) of the CARES Act, as amended by the Relief Act, permits an eligible...
Mar 2, 2021 | COVID-19 Response, Firm Updates
Clarifications Made Under Notice 2021-20 The CARES Act provided similar rules to section 51(i)(1) of the Internal Revenue Code, that apply to the Employee Retention Credit (ERC). Wages paid to “related individuals” may not be taken into account for determining the...
Feb 23, 2021 | COVID-19 Response, Firm Updates
On February 22, 2021, the Biden-Harris Administration announced changes being made to the Payroll Protection Program (PPP) to ensure distributions are happening equally. The measures put in place are to target relief to America’s smallest businesses and those left...
Feb 12, 2021 | COVID-19 Response, Firm Updates
Eligible self-employed individuals, including partners in partnerships with SE income, are entitled to claim qualified sick and family leave equivalent credits under the Families First Coronavirus Response Act. To be an eligible self-employed person, both the...
Feb 4, 2021 | Firm Updates, Tax Tips
Qualified Opportunity Funds (QOFs) were created as part of the Tax Cuts and Jobs Act of 2017 in order to provide tax incentives to investors who invest capital gains in economically distressed communities. A QOF is defined as an investment vehicle organized as a...
