Search Results for "fica"

While most accountants and attorneys were busy trying to digest the nearly 5,600-page Consolidated Appropriations Act that unleashed a number of tax and pandemic relief changes, another piece of legislation slipped in the back door nearly unnoticed, but it created a pervasive new reporting requirement that will be turned loose

Since we last provided an update on the Paycheck Protection Program (“PPP”), the Small Business Administration (“SBA”) has released a flurry of new guidance and forms for lenders and borrowers. Much of the information covers the forgiveness phase of the program, including changes resulting from the Consolidated Appropriations Act, 2021

[Note: This article follows up on a previous article which highlighted changes to the Paycheck Protection Program (“PPP”), including the availability of second draw loans, under the Consolidated Appropriations Act, 2021 (the “Act”). Readers are strongly encouraged to refer to that article as it summarizes the framework from which the

(A Payroll Tax Credit for Employers Impacted by COVID-19) The Consolidated Appropriations Act (the Act) extends and expands the Employee Retention Credit (ERC) that was introduced by the CARES Act and was set to expire on December 31, 2020. It does so (1) by providing favorable retroactive changes to 2020

(Full Deductibility of Certain Meals in the Recent Tax Act) One of the more controversial provisions of the recently-enacted 5,593-page Consolidated Appropriations Act of 2021 (the Act) is also one of the shortest. Looking to boost the restaurant industry, President Trump insisted on reinstating, for the first time in decades,

Within its 5,593 pages, the recently-passed Consolidated Appropriations Act, 2021 (the Act) contains numerous provisions that affect employee benefit plans. This article will provide a high-level overview of some of most important of these provisions. Turbocharging the Flexibility in Flexible Spending Accounts (FSAs) Traditionally, FSAs under Code Section 125 for

One of the many provisions included in the latest stimulus bill was the “relaxing” of eligibility for taxpayers to claim the Employee Retention Credit (ERC). The ERC was introduced back in March of 2020 in the CARES Act and we highlighted it in an April 1 article. Originally, taxpayers were