The Consolidated Appropriations Act has reached the President’s desk and may contain some key provisions important to your business.
Our briefing above covers the details you need to know (short of reading the 5,000 pages yourself!) including:
- Deductions for expenses paid for with PPP loan proceeds
- Business Meals will be 100% deductible for 2021 and 2022
- Further deferred due date for an Employee’s share of Employment Taxes
- Extension of Employer Tax Credits for
- Paid sick and family leave
- Employee retention
- Extension of many popular tax breaks including:
- Deduction for Mortgage Insurance Premiums
- Exclusion from income discharge of qualified principal residence debt
- New Markets Tax Credit
We will keep providing details as they become available. Be sure to check out our Coronavirus information page with updates on the PPP, CARES Act and more!
