Summary of Certain Business Tax Provisions in the Consolidated Appropriations Act, 2021
By EsqSocial Corporation 28/12/20
After much political gridlock, Congress passed an omnibus government-spending bill (Appropriations Act), which includes another COVID-19 relief package. The Appropriations Act contains many tax-related provisions. Some of the more notable of these provisions, and those discussed in this update, are provisions (1) clarifying the tax treatment of expenses paid with Paycheck Protection Program (PPP) loan proceeds, (2) temporarily providing for a 100% deduction of business meal expenses, (3)...
By: Perkins Coie