Posts by David Chang
Tax Relief Granted to Those Affected by California Storm
The IRS recently granted additional time to those affected by recent storms in California to file individual and business tax returns and make payments. This postponement allows storm victims until May 15, 2023 to file their tax returns and make tax payments, helping them stay on top of their tax compliance obligations despite the hardships Read more...
Tax Provisions Included in Infrastructure Bill Brings an End to Employee Retention Tax Credit
The recently passed Infrastructure Investment and Jobs Act (HR 3684) was not focused primarily on tax but did include a provision ending the Employee Retention Tax Credit (ERC) earlier than planned. Under pre-Act law, eligible employers can claim the ERC for wages paid before January 1, 2022 against applicable employment taxes. For each calendar quarter Read more...
New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes
The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new Read more...