The deluge of legislation resulting from the COVID-19 lockdowns can be confusing to many people. Add the ever-changing regulations, the associated guidance and forms that must be created to support those regulations, and an administration change, and you have a recipe for a 2021 tax filing season that could be as unpredictable as 2020.
We have gotten numerous questions from clients concerning the new Paycheck Protection Program (PPP)and the new Employee Retention Credit (ERC).
On January 19, 2021, additional new regulatory changes were made with respect to the ERC. We are working to evaluate the recent changes, how they impact our clients, how we can best help limit our clients’ tax liability and understand when the forms will be finalized.