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Tax Newsletter: April 2021

 
Entrepreneurs often ask whether expenses to start a business can be written off in the tax year they are incurred or paid. The tax treatment for start-up expenses differs from the treatment of regular business expenses. The timing and amount of expenses are key to determine what's deductible now vs. later. Here's a summary of the rules and a recent U.S. Tax Court case that deals with this issue.
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If your nonprofit managed to keep staffers employed throughout the COVID-19 pandemic, you may be eligible to claim an Employee Retention Credit (ERC). This article provides updates on the ERC, including how the American Rescue Plan Act has modified and extended the credit through December 31, 2021.

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Manufacturers that decide to "go green" may qualify for lucrative tax breaks. Several incentives were recently extended and improved by the Consolidated Appropriations Act. Here are five examples of expanded breaks that may benefit manufacturers, along with recent congressional spending measures that may encourage manufacturers to participate in energy-efficient initiatives.
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President Biden has signed legislation to extend the application period of the popular Paycheck Protection Program (PPP). This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program Extension Act. This article explains the basics of the program, along with the new deadline for applications.
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President Biden recently signed legislation to infuse the U.S. economy with another $1.9 trillion in financial relief during the COVID-19 pandemic. This is welcome news for people and businesses that have suffered major losses over the last year. Here are some highlights of the tax and financial relief provisions of the American Rescue Plan Act.
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Employees who choose to participate in employer-provided flexible spending accounts (FSAs) can realize several tax benefits. Recent legislation provides participants with an even greater incentive to contribute to these accounts. This article reviews health care and dependent care FSA benefits and explains how they're now even more attractive.
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