2021-02 What’s New With Federal Taxes

Certainly a lot going on with the Pandemic. Here is a brief update of what’s new.


  1. Business Loss Limitations – Does not apply for 2018, 2019 and 2020 due to Pandemic.
  2. Business Interest Expense Limitations – Increase in amount allowed and elect to use 2019 income to calculate 2020 limit due to Pandemic
  3. Fringe Benefits – Qualified Education Perks now include payment of student loans.
  4. Meals – Usually qualified meals are 50% deductible, but for 2021 and 2022 they are 100% deductible due to Pandemic.
  5. Net Operating Losses – Corporations now can temporarily carryback losses due to Pandemic
  6. Payroll Protection Program – Second Draw PPP Loans now available for those that qualify.
  7. Payroll Taxes
    1. Employee retention credit
    2. Sick and Family Leave Payroll Credit
    3. Pushing off payment of employer payroll taxes


  1. Economic Impact Payments
  2. Charitable Contributions
  3. Earned Income Credit
  4. Educator Expenses
  5. Education Expenses
  6. Health Plans
  7. Retirement Plans
  8. Net Operating Losses
  9. Virtual Currencies