Businesses and individuals who have been hit hard by the pandemic will find some favorable provisions in the new COVID Relief bill. A follow-up to the CARES Act of March 2020, this legislation also offers beneficial tax credits, forgivable business loans, and individual stimulus checks, while adding provisions to ensure focus on the businesses who have suffered the most.
Tax Planning is the process of looking at a person’s life, business, and regulatory requirements to legally reduce their tax burden. If you're wondering whether your personal and business affairs are arranged for maximum tax impact, consider a tax-planning session.
The PPP Flexibility Act (H.R. 7010), which has been passed through Congress and signed into law, makes several changes to clarify and extend loan forgiveness requirements for businesses who received PPP loans. Here, we'll review the most significant provisions made by the bill.