We keep you up-to-date on the latest tax changes and news in the industry.
Article Highlights
CREDIT PHASEOUT THRESHOLD
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Filing Status | Threshold |
Unmarried Taxpayers (as well as Married Filing Separately) | $75,000 |
Head of Household | $112,500 |
Married Taxpayers Filing Joint & SS | $150,000 |
The term ‘covered supplier cost’ - Means an expenditure made by an entity to a supplier of goods for the supply of goods that - The term ‘covered worker protection expenditure’— Means an operating or a capital expenditure to facilitate the adaptation of the business activities of an entity to comply with requirements established or guidance issued by Federal, State and local governments during the period beginning on March 1, 2020 and ending the date on which, the national emergency related to COVID-19 declared by the President expires. NOTE: The legislation includes a long list of examples of what does and does not apply. The term ‘covered operations expenditure’ - Means a payment for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses. The term ‘covered property damage cost’ - means a cost related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation. |
Loan Size - Establishes a maximum loan size of 2.5 times the average monthly payroll costs, up to $2 million.
In a rebuttal to the IRS, Congress made it crystal clear in the Act that taxpayers whose PPP loans are forgiven are allowed deductions for otherwise deductible expenses paid with the proceeds of a PPP loan, and that the tax basis and other attributes of the borrower's assets will not be reduced as a result of the loan forgiveness.
Business Meals
The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated the deduction for entertainment and curtailed the expense deduction for meals. In a very business friendly transitional guidance (Notice 2018-76) on the deductibility of business meals, the IRS announced that taxpayers generally may continue to deduct the food and beverage expenses associated with operating their trade or business. Under this notice, taxpayers may deduct 50% of an otherwise allowable business meal expense.
Under Sec 210 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020, for 2021 and 2022, taxpayers will be able to deduct 100% of business meal expenses where the food or beverages is provided by a restaurant, provided:
Filing Status | Phaseout Range |
Unmarried Filing Status | $80,000 – $90,000 |
Joint Filing Status | $160,000 - $180,000 |
Married Separate | No Credit Allowed |
SOLAR CREDIT RATE PHASEOUT
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Applicable Year | Prior Law | New Law |
Thru 2019 | 30% | 30% |
2020 | 26% | 26% |
2021 | 22% | 26% |
2022 | -0- | 26% |
2023 | -0- | 22% |
2024 | -0- | -0- |
If you have questions about how this COVID-19 tax legislation might apply in your situation, please give this office a call.
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