CONSOLIDATED APPROPRIATIONS ACT, 2021
Additional economic impact payments of $600 for most members of a household have begun to be sent to taxpayers.
There are several items impacting individuals. Items range from additional Economic Impact payments, additional deductions, exclusions from income, and tax credits.
Business changes include the extension of several federal tax credits, clarification of PPP loan forgiveness, and extensions and modifications of earlier payroll tax relief, along with several other items.
Eligibility and amounts eligible for the Employee Retention Credit (ERC) have been greatly expanded, unemployment benefits have been extended, and certain businesses are eligible for a second draw of a Paycheck Protection Program (PPP) loan.
Business meals provided by restaurants in 2021 and 2022 are 100% deductible (up from 50%).