The passage of the new COVID-19 relief bill (Consolidated Appropriations Act, 2021) by Congress on December 21, 2020, which was signed into law by President Trump on December 27, 2020, includes legislation that amends Internal Revenue Code Section 42. This new bill sets a minimum 4% housing credit rate for new and existing buildings that are not eligible for the 9% housing credit floor rate. The 4% housing credit rate applies to: 1. ... more
Archives for December 2020
COVID-19 Relief Bill Clarifies Deductibility of Expenses Paid with PPP Loans
On December 21, 2020, Congress finally passed a new COVID-19 relief bill (Consolidated Appropriations Act, 2021) which President Trump signed into law on December 27, 2020. The bill includes clarification of the deductibility of certain eligible expenses paid with forgiven Paycheck Protection Program (PPP) loans. The bill now permits taxpayers who receive PPP loan forgiveness to deduct the eligible expenses that were paid with the forgiven PPP ... more
How Social Media Impacts your Career
Social media is a widely popular tool for employees and job seekers to post about professional accomplishments, accreditations and even volunteer activities. Unfortunately, an outdated social media account could cost you an interview or hinder your chances of getting a job. Are your social media channels outdated? If so, it’s a good idea to clean them up for your job search and for your professional career in general. Check out these tips to ... more
New IRS Guidance: Non-Deductibility of Expenses Paid with PPP Loans
The Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loan funds to small businesses in order to help them pay eligible expenses (payroll costs, mortgage interest, rent, and utilities). These covered loans are to be fully forgiven and not to be treated as income to the loan recipients as long as the loans are used to pay eligible expenses. While it was clear that a ... more