This week, Governor Roy Cooper issued a new Executive Order 195 lifting his modified “Stay at Home” Order and loosening various restrictions imposed due to COVID-19. Among other things, the Order increases the number of people that may gather indoors from 10 to 25, changes the curfew on the sale of alcohol for onsite consumption from 9 p.m. to 11 p.m., opens businesses such as bars and amusement parks with occupancy restrictions, and increases indoor and outdoor occupancy for certain businesses, venues, and arenas. The new Order is effective on Feb. 26, 2021 at 5 p.m. and ... Read More
The Consolidated Appropriations Act of 2021, enacted late last year, includes several tax related changes and incentives affecting businesses.
Congress overruled guidance from the Internal Revenue Service to provide that expenses paid with Payroll Protection Program loans (PPP) will be deductible even if the PPP loans are forgiven. The new law also clarifies how forgiveness works in the context of a partnership or S corporation.
Congress modified the Employee Retention Credit in two important ways. First, businesses that receive PPP loans may now qualify for the employee ... Read More
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