Overview of the Key Tax Provisions Within the New Relief Act

Newburg Staff Writers-January 8th, 2021 (10:00AM) We wanted to highlight some of the key tax provisions impacting individuals and businesses contained within the new Consolidated Appropriations Act of 2021 (the ‘Act’).The Act signed into law on December 27, 2020 contains over 5,000 pages of text. While not all inclusive, [...]

2021-01-15T08:12:05-05:00January 15, 2021|

PPP Application Updates

Newburg Staff Writers-January 11th, 2021 (4:00PM) We wanted to provide you some updates from the PPP programs. PPP1 (original ‘first round’ program from 2020) applications available today January 11. Note that this is for select lenders and borrowers. If you did not apply for the PPP loan in the first round, you [...]

2021-01-15T08:06:23-05:00January 11, 2021|

Extension and Expansion of the Employee Retention Tax Credit

Newburg Staff Writers-January 4th, 2021 (1:00 PM) The latest stimulus package signed into law on December 27, 2020 under the Consolidated Appropriations Act of 2021 (the ‘Act’) provides some favorable enhancements to the Employee Retention Tax Credit (ERTC). The credit initially provided a 50% refundable tax credit for companies [...]

2021-01-05T09:05:05-05:00January 4, 2021|

PPP Provisions Under the New $900 Billion COVID-19 Relief Package

Newburg Staff Writers-December 22, 2020 (5:00PM) The new $900 billion Covid-19 relief package that passed Congress on Monday aims to support those struggling from the pandemic into the new year. Beyond the stimulus payment, unemployment extensions, and other detailed provisions, the Act provides some significant PPP benefits. We wanted to [...]

2020-12-29T12:51:24-05:00December 22, 2020|

New Stimulus Package Anticipated to Include Potential PPP Deductibility and Other Favorable Business Provisions

Newburg Staff Writers-December 21, 2020 (3:00PM) After significant back and forth and a multitude of renditions, congressional leaders on Sunday night brokered a deal totaling $900 billion in relief. Both sides indicated promises to pass the formal legislation as soon as possible. Currently there is no formal text available [...]

2020-12-29T12:52:07-05:00December 21, 2020|

PPP Deductions Guidance

PPP Deductions Guidance (Rev. Rul. 2020-27 & Rev. Proc. 2020-51)    On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing much needed guidance on the deductibility of the related Paycheck Protection Program (PPP) loan expenses and the timing issues related to PPP loan [...]

2020-12-04T07:27:58-05:00November 25, 2020|
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