Covid-19 has killed 480,000 people in the United States and 2.39 million worldwide, while infecting 27 million people in the United States and approximately 109 million people worldwide.  Though at the moment, hospitalizations, deaths and new cases are fortunately dropping, it does not mean we are out of the woods just yet, especially with variants increasing in the U.S.  Although masks and social distancing are effective in slowing the spread of the virus, vaccines are a more effective means...

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The Consolidated Appropriations Act, 2021 (CAA) extends and expands the Employee Retention Credit (ERC) first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The ERC is designed to encourage businesses to keep workers on their payroll and support small businesses and nonprofits through the coronavirus economic emergency. Eligibility has been expanded to include employers who also received PPP loans.  There are two sets of rules: one for those claiming the credit for 2021 wages, and another set...

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Key insights Debt cancelation amounts are generally included in gross income. This may come as a surprise to unsuspecting borrowers. Fortunately, Congress has provided some exceptions and special provisions to address taxpayer concerns with COVID-related debt relief. Under the Consolidated Appropriations Act 2021 (CAA 2021), Congress provided both financial assistance and tax relief. The massive year-end package ― including tax provisions which effectively told Treasury Department and IRS to give debtors a break — is welcome relief to many individuals and organizations. Unfortunately for...

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