State laws differ in treatment of PPP loan expenses
Business owners sighed with relief when Congress approved the Consolidated Appropriations Act of 2021 allowing for PPP loan expenses to be deducted on federal taxes. It’s important to remember, though, that states pass their own tax laws – some of which may or may not conform to the federal tax laws. For instance, South Carolina […]
Educate yourself about the revised tax benefits for higher education
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The recently enacted Consolidated Appropriations Act made some changes to the tax […]
What’s in the Covid relief bill: Recovery rebates, extended unemployment and more
The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, the CAA contains another round of direct payments to individuals, extended unemployment insurance and […]
What’s in the Covid relief bill: Tax extenders
The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, direct payments and other tax provisions, the Taxpayer Certainty and Disaster Tax Relief Act […]
What’s in the Covid relief bill: PPP Provisions
The latest Covid-19 relief bill, the Consolidated Appropriations Act of 2021, provides more funding for new Paycheck Protection Program loans, simplifies the forgiveness application process and allows tax deductibility for business expenses paid with forgiven PPP loans, among other provisions. Included in the $900 billion Covid relief bill is $325 billion in aid for small […]