Last month's COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.
The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.
The relief bill includes an extension of the 45Q tax credit, which gives companies a tax break for capturing carbon..
Tucked in among more than 5,000 pages of legislative text, the congressional bill providing COVID-19 relief and 2021 government funding includes dozens of tax breaks for beneficiaries ranging from downtown restaurants and the film industry to motor-sports racetracks.
The House and Senate are set to vote Monday on $900 billion in pandemic relief aimed at boosting the U.S. economy into the early spring, combined with $1.4 trillion to fund regular government operations for the rest of the fiscal year.
President Donald Trump spent months on the campaign trail taking credit for “opportunity zones,” a policy meant to encourage investment in distressed communities across the U.S. Joe Biden’s team sees potential in the idea, too.
Companies that took advantage of federal pandemic-relief efforts like payroll tax deferrals will face bigger bills next year.
Rep. Pete Olson, a Republican from Texas, has introduced a bill that would offer tax incentives to employers who train workers about best practices for reducing the spread of COVID-19 in the workplace.
Senate leaders will be trying to hold their parties together for a vote Thursday to advance a slimmed-down stimulus bill that Democrats have already rejected, with both sides jockeying for advantage in public perceptions two months before the election.
Opportunity zones may just be the perfect vehicle to deliver economic relief to the areas hardest hit by the coronavirus pandemic — both short term and long term.