Federal Income Tax Changes in the Consolidated Appropriations Act of 2021
By EsqSocial Corporation 08/02/21
The Consolidated Appropriations Act of 2021, enacted late last year, includes several tax related changes and incentives affecting businesses. Congress overruled guidance from the Internal Revenue Service to provide that expenses paid with Payroll Protection Program loans (PPP) will be deductible even if the PPP loans are forgiven. The new law also clarifies how forgiveness works in the context of a partnership or S corporation......
By: Brooks Pierce