Theresa Arndt, CPA

Each calendar year provides unique challenges and updates to tax law impacting businesses and individuals. This post will highlight some of the major changes for businesses. If you wish to see tax law changes affecting individuals, you can go here . Article Highlights Paycheck Protection Program Employee Retention Credit Restaurant Revitalization Fund Business Meals Payroll Tax Deferral Employer-Provided Childcare Credit Excess Business Losses Executive Compensation Corporate Net Operating Losses Corporate AMT Corporate Charitable Contributions Excise Tax on Repurchase of Corporate Stock §1202 Gains On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. The CAA contained two other laws: COVID-Related Tax Relief Act of 2020 (COVIDTRA) and Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR). Though signed into law in 2020, many of the provis...

Each calendar year provides unique challenges and updates to tax law impacting businesses and individuals. This post will highlight some of the major changes for individuals. If you wish to see tax law changes affecting businesses, you can go here. Article Highlights Economic Impact Payments – Third Round Educator Expenses Charitable Contributions for Non-Itemizers Charitable Contributions for Itemizers Child Tax Credit Child & Dependent Care Credit Earned Income Tax Credit Premium Tax Credit Education Credits Dependent Care Assistance Plans Cryptocurrency Reporting Student Loan Discharge Student Loan Relief New Above-the-Line Deductions Pell Grants Unemployment Benefits Net Investment Income Tax Surcharge on High-Income Taxpayers Required Minimum Distributions (RMDs) and COVID Distributions The Home Office Deduction IRS Processing Challenges On December 27, 2...