The Real in Real Estate – How COVID Relief Funding Can Change the Game on Your 2020 Tax Return
Major COVID-19 relief legislation provides some much-needed breathing room for hard-hit real estate entities. The Coronavirus, Aid, Relief and Economic Security (CARES) Act and The Consolidated Appropriations Act 2021 (CAA) are designed to help businesses recover and thrive – and one highly anticipated tax provision is a fix to
Employee Retention Credit Expanded – What You Need to Know
In addition to the welcome news for PPP loan recipients that associated qualified expenses are in fact tax-deductible, the Consolidated Appropriations Act (CAA) substantially expands Employee Retention Credit (“ERC”) benefits. Some employers may now be eligible to retroactively claim the credit on qualified wages going back to March 12, 2020.
Payroll Tax Deferral Plan – Understand the Risks and Benefits, Proceed with Caution
At first glance, the new payroll-tax deferral plan appears to provide relief to employees struggling in the wake of the sweeping economic devastation caused by the global pandemic – but know that there are substantial risks to both employees and employers in participating. What the Payroll Tax Deferral Plan Does
How the CARES Act Can Help Real Estate Companies
On March 27, 2020, the President signed the Coronavirus, Aid, Relief, and Economic Security (CARES) Act to support the economy with loans, subsidies, and some much-needed tax relief. One highly-anticipated tax provision was a fix to the definition of Qualified Improvement Property (QIP) to allow for a 15-year life
Families First Coronavirus Response Act Signed into Law by President Trump
The federal government continues to move quickly in providing support for families and businesses impacted by COVID-19. As of Thursday, March 18th, President Trump signed into law the Families First Coronavirus Response Act (H.R. 6201), following the Senate’s passage of a revised bill originally passed on March 14
Deadline Extension: Treasury and IRS Announce 90 Day Payment Delay
At a press conference held today, U.S. Treasury Secretary Steven Mnuchin announced that taxpayers will receive a three-month extension of time to pay the income taxes owed for 2019. During the three-month deferral period, taxpayers will not be subject to interest and penalties. As of the time of this writing,