The SBA has officially set the opening days for the Restaurant Revitalization Fund which is a $28.6 billion program that will provide grants to restaurants impacted by the pandemic.
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Translations from Your Trusted Advisor.
For 2021 and 2022 calendar year periods the 50% meals deduction has been increased to 100% when relating to food or beverages purchased through a “restaurant”. Previously the definition of a restaurant was unclear so the IRS has issued guidance.
Yesterday, the IRS issued News Release 2021-71 in which they confirm that most taxpayers who filed their tax returns before the excludable unemployment compensation tax change should not amend returns that were filed before the change.
The American Rescue Plan Act of 2021 was signed into law on March 11, 2021 and included changes to the law that impact 2020 taxes. As some tax returns have already been filed, there are many questions about how resolve or when to file affected tax returns.
Yesterday, the American Rescue Plan Act (HR 1319) passed in the US House of Representatives. The bill now goes to the president for signature. There are many tax components included in the act, some of which are coming as a surprise as the were added late to final versions of the bill.
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