January 2021

In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. An Identity Protection PIN is a six-digit number assigned to eligible taxpayers to help prevent their Social Security number […]

PPP loans are expanded and extended. Under the new Consolidated Appropriations Act, eligible small businesses can take out first or "second draw" Paycheck Protection Program (PPP) loans. This provision targets smaller and harder-hit businesses with 300 or fewer employees that […]

President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses. For example, it allows taxpayers to deduct 100% of the cost of business-related food and beverage expenses incurred at restaurants in 2021 and 2022. The new law also extends a bevy of other business breaks that were set to expire at the end of 2020.

The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals. The new law, called the Consolidated Appropriations Act, contains beneficial changes for individuals. This article explains some of the highlights.