Certainly a lot going on with the Pandemic. Here is a brief update of what’s new.
- Business Loss Limitations – Does not apply for 2018, 2019 and 2020 due to Pandemic.
- Business Interest Expense Limitations – Increase in amount allowed and elect to use 2019 income to calculate 2020 limit due to Pandemic
- Fringe Benefits – Qualified Education Perks now include payment of student loans.
- Meals – Usually qualified meals are 50% deductible, but for 2021 and 2022 they are 100% deductible due to Pandemic.
- Net Operating Losses – Corporations now can temporarily carryback losses due to Pandemic
- Payroll Protection Program – Second Draw PPP Loans now available for those that qualify.
- Payroll Taxes
- Employee retention credit
- Sick and Family Leave Payroll Credit
- Pushing off payment of employer payroll taxes
- Economic Impact Payments
- Charitable Contributions
- Earned Income Credit
- Educator Expenses
- Education Expenses
- Health Plans
- Retirement Plans
- Net Operating Losses
- Virtual Currencies