New Year, New Tax Changes #117

01/21/21 • 45 min

Tax headlines are swirling after several tax-related developments following the enactment of the 2021 Consolidated Appropriations Act on December 27, 2020. Tune in as host Damien Martin cuts through the static of these significant changes with returning guests Jesse Palmer and Yelena Bosovik. Here’s what’s covered:

Expanded and extended employee retention credit (ERC)
- What is the ERC? [01:55]
- What changed? [05:17]
- How do you claim the ERC retroactively for 2020? [09:54]
Extended credits under the Families First Coronavirus Relief Act [10:50]
- Paid sick leave vs expanded family leave [12:32]
- Importance of documentation [13:45]
Important considerations for the ERC [15:45]
Business meal deduction changes [22:00]
Charitable provisions for individuals [25:52]
Deferral of the employee’s portion of Social Security tax [27:26]
Other employment benefit changes [31:15]
Extender provisions [35:12]
Closing remarks [42:30]

Learn more about our guests and get additional resources here.

GET MORE “SIMPLY TAX”

We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

Expanded and extended employee retention credit (ERC)
- What is the ERC? [01:55]
- What changed? [05:17]
- How do you claim the ERC retroactively for 2020? [09:54]
Extended credits under the Families First Coronavirus Relief Act [10:50]
- Paid sick leave vs expanded family leave [12:32]
- Importance of documentation [13:45]
Important considerations for the ERC [15:45]
Business meal deduction changes [22:00]
Charitable provisions for individuals [25:52]
Deferral of the employee’s portion of Social Security tax [27:26]
Other employment benefit changes [31:15]
Extender provisions [35:12]
Closing remarks [42:30]

Learn more about our guests and get additional resources here.

GET MORE “SIMPLY TAX”

We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

Previous Episode

New Year, New PPP Changes #116

The latest COVID-19-related relief package included key changes to the Paycheck Protection Program (PPP). Get the practical insights you need from returning guests Tad Goodenbour and James Anderson as they discuss what these changes mean for borrowers and the interim final rules released January 6, 2021, by the U.S. Small Business Administration (SBA).

BIO FOR OUR GUESTS

Tad Goodenbour is a partner in BKD’s Colorado Springs practice. Tad has more than 35 years of experience in public accounting, focusing on federal income tax, and serves primarily quick service restaurant, gaming, agriculture, and real estate companies. He also has significant experience in partnership and limited liability company planning, structuring, and operation and is one of BKD’s technical area specialists in partnership taxation.

James Anderson is a partner and tax director out of BKD’s Nebraska practice. He is a member of BKD National Construction & Real Estate Group and BKD National Commercial Services Group and is the north region tax director for the firm’s tax committee. James is experienced in providing corporate and individual taxation assistance to construction companies, financial institutions, manufacturers, and retailers across the Midwest. He also consults with clients regarding accounting method changes, multistate taxation, choice-of-entity analyses, tax controversy support, and business combinations.

Get additional resources (including the citations for the other cases mentioned in the discussion) here.

GET MORE “SIMPLY TAX”

We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel.

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram | YouTube

Next Episode

2021 Tax Filing Season Begins! #118

The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters. The team has been off to an active 2021, following a remarkably busy 2020. Guests Amy Wang and Alex Scott of the AICPA Tax Policy & Advocacy Team join host Damien Martin to share updates and provide insight into the current areas the team is closely watching and working in. Here’s what’s covered: