States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
The Employee Retention Credit provides liquidity benefits for many businesses and was significantly expanded for 2020 and 2021.
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.