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'Thousands in tax savings' provisions for businesses in new COVID stimulus bill

Source: https://newsday.com/business/coronavirus/tax-provisions-covid-stimulus-bill-businesses-ppp-1.50123334 - Feb 5, 2021

At year-end, a 5,593-page bill containing COVID-relief legislation was signed into law that included notable tax provisions for businesses, many of which were either extended or made permanent.

Among the more noteworthy tax-related measures in the Consolidated Appropriations Act was a provision allowing businesses to deduct expenses paid from the proceeds of forgiven Paycheck Protection Program (PPP) loans, reversing a previous IRS position. Others included extensions of the Employee Retention Tax Credit and paid sick leave and paid family leave tax credits, along with making permanent the Energy-Efficient Commercial Buildings Tax Deduction.

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Category: General Business