Kutchins, Robbins & Diamond, Ltd. Certified Public Accountants and Advisors

Archive for the ‘COVID-19 Legislation’ Category

Extended Consolidated Appropriations Act Benefits for Individual Taxpayers

The Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law on December 27, 2020, extending federal income tax breaks that were revised to accommodate the economic impact of the Coronavirus pandemic.

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Consolidated Appropriations Act, 2021: Enhanced Deduction for Business Meal Expenses

After long negotiations and delay, the President signed the Consolidated Appropriations Act, 2021 on December 27, 2020. In an effort to shore up the dining industry, the relief legislation includes a temporary return of the business deduction for meals.

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Employee Retention Credit Extended and Expanded

The Consolidated Appropriations Act, 2021 extends and expands the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The employee retention credit is designed to encourage businesses to keep workers on their payroll and support small businesses and nonprofits through the Coronavirus economic emergency.

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Extended Consolidated Appropriations Act Benefits for Individual Taxpayers

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