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The Consolidated Appropriations Act

The Consolidated Appropriations Act

Jan 11, 2021 | Uncategorized

$284 Billion for Small Businesses PPP Round 2.0 While the official rules and regulations have not yet been released, below are some high-level points regarding PPP Round 2.0. Applicants must have fewer than 300 employees. The business applicant must have revenue...
Recent GILTI Guidance and Proposed Tax Increase

Recent GILTI Guidance and Proposed Tax Increase

Jan 7, 2021 | Tax

When Congress passed the Tax Cuts and Jobs Act (TCJA) in 2017, a new tax was added on income earned by foreign affiliates of U.S. taxpayers from intangible assets, known as global intangible low-taxed income (GILTI). Under the TCJA, GILTI is calculated as the total...
2021 Spending Bill – Tax Provisions (Part 2)

2021 Spending Bill – Tax Provisions (Part 2)

Dec 29, 2020 | Tax

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (the “Act”) into law, which funds the government for 2021. Tax-related provisions include temporary and permanent extensions of expiring tax credits and provisions and a temporary...
2021 Spending Bill – COVID Provisions (Part 1)

2021 Spending Bill – COVID Provisions (Part 1)

Dec 22, 2020 | Tax

On December 21, 2020, Congress released the Consolidated Appropriations Act, 2021 (the “Act”), which funds the government for 2021 and contains many tax-related provisions. If signed into law, the Act will be one of the largest spending measures ever passed by...