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Executive Summary: Extensive bill with far reaching tax and relief consequences is now law

周日, 12/27/20, President Trump signed into law an Omnibus bill to fund normal federal operations, along with a significant Coronavirus Response and Relief Supplemental Appropriations Act. This bill contains many stimulus provisions and several affect 2020 tax liabilities.  在研究了5个,500多页的文本, we feel the highlights below represent the most consequential provisions to many of our clients. Because this bill may potentially have a meaningful affect on 2020 tax liabilities, 请浏览下面的要点，并与您的注册会计师联系，讨论这些可能会如何影响您的独特情况. 1月5日, we will also host a one hour virtual event to recap the bill and its opportunities for 2021 as well. 我们祈祷你有一个非常快乐的圣诞节, and that your new year is blessed beyond measure after a quite eventful 2020!

Both houses of Congress negotiated and passed an Omnibus spending bill over the December 19^th 周末到周一.  这包括12项拨款，每项1美元.在剩下的预算年度里，典型的政府支出将达到4万亿美元, 以及《手机赌博软件下载排行》中另外9000亿美元的救济.  There are several items of note in relief spending that we explore below, 其中亮点包括1660亿美元的直接支票, 1200亿美元的额外失业援助, 2840亿美元用于工资保护计划.0 (PPP2), 以及为特定企业提供额外资金, 受大流行病影响的保健和教育. 

PPP Expenses Deductible for all 购买力平价的贷款s: Basis increase for tax-free forgiveness income  

财政部长姆努钦和美国国税局在过去9个月里明确规定，用购买力平价支付的费用不能在所得税中扣除, 为所有PPP借款人创造重大税收事件.  一年只剩下一个星期了, 国会的行动已经扭转了这一局面, and these expenses will clearly now be deductible as the bill has become law.  也, 将为通过实体从免税收入适用于免除债务提供一个基础, 进一步保证上述费用的可抵扣性.  购买力平价借款人确实收到了圣诞惊喜, as they will be able to have their cake and eat it too despite all guidance and logic to date.  这对我们的客户来说是一个显著的好处.  也, the list of PPP covered costs eligible for forgiveness has been 扩大.

Paycheck Protection Program 证券交易委员会ond Draw Loans: aka PPP2 – All NFPs eligible, 2美元的帽子, 资格与任何季度收入下降25%挂钩. 2019年同一季度为2美元.5 x avg. 每月工资，特别增加到3美元.5英镑用于餐馆和招待费

符合条件的借款人可以获得第二笔PPP贷款. 这些第二次提取PPP贷款限制为a) 2美元的较低者.b)借款人每月平均工资成本的2-1/2倍(如果借款人是食品服务或酒店业务，则为3-1/2倍).

符合条件的实体包括任何业务关系, 非营利组织, 个体工商户, 以及其他一些组织 a) 雇用300名或更少的员工 b) 与2019年同期相比，2020年一个日历季度的收入是否减少了25%.

FFCRA Extensions: EPSLA and EFMLEA extended to 3/31 within original framework

《手机赌博软件》下的《手机赌博软件》(EPSLA)和《手机赌博软件》(EFMLEA)都将延长至3月31日, 2021.  这些病假工资被誉为遏制COVID传播的最有效策略之一, as they have allowed millions of contagious individuals to remain home and receive pay.  也, businesses have received a dollar-for-dollar credit for all these wages, 所以这对员工来说确实是一种增量收益, 如果结构正确的话, 用人单位.  对许多美国工人来说, 失去工资将严重影响家庭的现实可能导致他们带病工作.  这些工资削弱了这个严酷的事实，延长这些工资是受欢迎的.  请参阅我们的“发布及推广”策略及 EPSLA和EFMLEA的好处 如果你是有保险的雇主，那么你就有资格获得抵免.  新法案还为自雇人士提供了在计算适用抵免额时使用2019年收入而不是当年收入的选择, 另一个有利于商业的条款是什么.

员工保留信用 Changes: 1) More than a consolation prize rules for 2020; 2) Prospective: extended 至七月一日, 2021, 增加到70%, 涨到10美元,每个员工每季度最高工资, 并将总收入同比降幅测试降低至20%

作为“安慰奖”而设立的员工保留信用(ERC)已被放开，该奖励是为收入大幅下降的非ppp接受者提供的, 扩大, 和扩展.  这是一笔非常重要的信贷，所有潜在的纳税人都应该仔细研究, 即使他们确实收到了PPP资金, 因为新法案的第206条打击了“安慰奖”规则，该规则将该条款限制于非ppp接受者.  信用证的原始信息 可以在这里找到.  该计划的结束日期已从1月1日提前, 2021, 至七月一日, 2021, 允许这种情况再延长六个月.  更重要的是, 2021年前两个季度, 抵税额已从适用工资的50%改为70%.  也, 工资上限从10美元改变了,到2020年，一年总共有5000美元(5美元),每名员工最高可获000学分), to $10,到2021年，每个适用季度可获得5000美元(允许另外潜在的14美元),在2020年可能实现的信用基础上，再增加1000万的信用额度。.  所需的四分之一vs. 针对2021年资格的上一季度滚动收入下降测试已从收入下降50%放宽至仅下降20%. 然而, 这仍然是一个按季度的分析，包括开始和结束条款, 这现在可以依赖于上一季度而不是当前季度.  值得注意的, 除了收入下降测试, 如果企业在一个日历季度内由于政府限制商业的命令而全部或部分暂停运营，也可能有资格获得ERC, 旅行, 或因COVID-19而举行的小组会议.  国税局提供了一些Q&A analysis that is rather liberal and many enterprises that have suffered, 但没有达到收入测试标准, 是否具有追溯性和前瞻性.  进一步说明, 重要的是，在2020年豁免申请中，为符合条件的ERC企业整合PPP1美元，并为迄今为止不符合条件的历史工资整合PPP1美元, 并分析2021年前两个季度PPP2资金和获得更大ERC福利的资格.  将这些自由化的员工保留积分与PPP计划下的选定承保费用减免结合起来是必要的, 也是每个企业主观的、独特的过程.  受影响纳税人, PPP宽恕应用程序和选择的承保费用更重要的是要集成到这个概念框架中，以避免始终存在的错失机会的潜在陷阱.

Ability to Request an Increase in 购买力平价的贷款 Amount: If you have not been forgiven yet

如果借款人的PPP贷款未被免除，则PPP借款人可以要求增加其贷款金额, ,要么 1) 借款人归还部分PPP贷款或 2) 没有收到借款人有资格获得的全额贷款.  We noted early in the PPP process that several banks were not processing loans for the correct, 全部金额, due to disparate interpretations of certain aspects of the 关心行为 at the institutional level.  考虑到当时购买力平价市场的泡沫状况，许多借款人只是把这些资金当作批准的.  This can be a welcome benefit and significant for those few affected clients.

简化PPP贷款减免150美元,000或更少:不再需要发送支持, 文件保留4年, 更简单的应用和证明

The SBA is required to issue a simplified one-page forgiveness application for loans under $150,在最终法律生效后的24天内. 为了获得宽恕, the borrower will only be required to certify i) the number of employees retained, Ii)估计的工资支出金额, (三)贷款总额. 借款人亦必须证明申请表是准确无误的, that the borrower has complied with the requirements pertaining to 购买力平价的贷款s, and retains employment records for 4 years and other records for 3 years.  These new simplified requirements will also be applied to applications for new loans of $150,000或以下.

Repeal of EDIL Advance 购买力平价的贷款 Integration: No longer reduces PPP Forgiveness

A borrower’s 购买力平价的贷款 forgiveness will not be reduced by the borrower’s amount of an EIDL Advance. If an EIDL Advance previously reduced the borrower’s 购买力平价的贷款 forgiveness, SBA将通过EIDL Advance增加宽恕.  This information is on hand through the existing loan forgiveness application process, 预计SBA将直接汇出剩余的余额, 从而减少了银行和借款人账簿上的部分贷款.

PPP Eligibility for 501(c)(6) Organizations: 501(c)(6)’s can go back and file for PPP1

证券交易委员会. 501(c)(6) and Destination Marketing organizations are now eligible to obtain a PPP1 Loan. The entity may not employ more than 300 employees and must have limited lobbying activities. 职业体育联盟不包括在内. 证券交易委员会. 501(c )(6) organizations include chambers of commerce, real estate boards, and boards of trade.  这是一次重大的扩张, as many trade and member organizations have suffered heavily though the pandemic.

关闭场地运营补助金:某些剧院场地2019年收入补助金的45%(上限为1000万美元)

该法案允许向某些关闭的场馆运营商支付补助金.  合资格人士或实体包括现场场地营运商或推广商, 戏剧制作人, 现场表演艺术组织经营者, 博物馆运营商, 电影院经营者, 人才代表.  There are requirements that the operator must meet to be eligible for the grant, 包括在2月29日全面运作, 2020, 该场馆打算在批准之日重新开放.  The grant amount for an eligible venue is the lesser of 45% of 2019 revenue or $10 million.  Grants are made by prioritizing operators most affected in terms of decline in revenue, 首先是收入下降90%的运营商, 然后是收入下降70%的运营商.

商务餐全额扣除临时津贴:2021年和2022年的餐费100%可扣除

For calendar years 2021 and 2022, the Act allows for 100% deductions for business meals.  To qualify, the expense must be incurred for food or beverages provided by a restaurant.  合格商务餐的规定仍然适用, 但纳税人将能够扣除100%的金额，而不是2020年生效的50%的限制.  这不是溯及既往的规定, and the lobby around bringing back entertainment expenses did not persevere.  这并不令人意外, as the year 2020 was probably not going to be the year that brought back the party.  让我们对2021年抱有一些希望!

扩展器:一个包含1个扩展器的大列表, 2, and 5-year extensions ranging from WOTC to the highly utilized mining emergency rescue provisions

该法案规定了现行税收规定的许多扩展条款.  一些比较重要的规定包括:医疗费用扣除额的分项纳税人将保持在7.5% floor of adjusted gross income; deductions for energy-efficient commercial buildings (which will be inflation-adjusted); and a transition from qualified tuition deductions to the Lifetime Learning Credit.  这些扩展器是永久扩展.  The following extenders have been extended through 2025: the New Markets tax credit; Work Opportunity 税 Credit (WOTC); employer credit for paid family and medical leave (not to be confused with FFCRA credits); and gross income exclusion for discharge of indebtedness on a principal residence.  节能物业有许多信贷规定, 酿酒厂, 以及其他行业.  Please contact your CPA to determine if a specific credit or expiring provision is still available.