During April 2021, the Internal Revenue Service (“IRS”) issued updated guidance for employers regarding the Employee Retention Credit (“ERC”) and credits for paid sick and family leave (“Paid Leave”). Employee Retention Credit On April 2nd, 2021 the IRS published Notice 2021-23, which explains the changes to the Employee Retention Credit for the first two calendar

2nd Round Covid–19 Relief

COVID-19 Relief Included in the Consolidated Appropriations Act of 2021 A new stimulus package has been released under the Consolidated Appropriations Act of 2021 (the “Act”). This second round of relief will provide much-needed aid for small businesses and unemployed Americans. The primary changes between the Act and the first relief package, the CARES Act,

UPDATED COVID-19 RELIEF – Employee Retention Tax Credits

Under the Consolidated Appropriations Act of 2021, which was signed into law by President Trump on December 27, 2020 (the “Act”), significant changes were made the employee retention tax credit (“ERC”) enacted under the CARES Act.   Originally, companies were forced to choose between receiving a PPP loan or taking the ERC.  As a result, the

Form 1065 Tax Law Changes

The Internal Revenue Service (“IRS”) has recently released guidance regarding methods for reporting partnership tax capital accounts. Partnerships & limited liability companies filing Form 1065 for tax year 2020 must calculate partner capital accounts using the transactional approach for the tax-basis method. According to IRS data, most partnerships already use the tax basis method, but

PPP Loans & Business Expense Deductions

Taxpayers who reasonably expect their Paycheck Protection Program (PPP) Loans to be forgiven cannot deduct otherwise eligible expenses in 2020 if they used their PPP loan to pay the expenses. Background & More Information On April 30, 2020, the Internal Revenue Service (IRS) issued Notice 2020-32, providing that a taxpayer that receives a PPP Loan


This year has been an unprecedented year for us all, and we have faced unforeseen challenges in the wake of the pandemic. To attempt to alleviate a portion of the financial impact from the pandemic, the government passed the Coronavirus Aid, Relief & Security Act (the “CARES Act”) and continued to implement the taxpayer friendly