On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA, 2021 Act greatly expanded the Employee Retention Credit (ERC). The credit is now available to more businesses and extends the date for wages paid through June 30, 2021. Under the CARES Act, the ERC was available to qualified Read More…
On November 18, 2020, the IRS released Revenue Ruling 2020-27, which outlines the treatment of the loan proceeds that a business expects to be forgiven. Prior to the release of this Revenue Ruling, businesses expected to expense 100% of their business expenses, that were covered by the PPP Loan, on their 2020 tax returns and Read More…
The Pennsylvania Department of Revenue will run a 60 day tax amnesty period from April 21, 2017 to June 19, 2017 for taxes due on or before December 31, 2015. The tax amnesty will cover all taxes administered by the Dept. of Revenue, such as individual income taxes, corporate income/franchise taxes, sales taxes, inheritance taxes, Read More…
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