Archive for the ‘Legislative Tax News’ Category

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.

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.

The Consolidated Appropriations Act, 2021 (CAA 2021) became law on December 27, 2020, and among many other things, provided for a second round of potentially forgivable Paycheck Protection Program loans to small businesses that were financially impacted by the effects of the pandemic.