Monthly Archives: January 2021

2021-01-15 The Taxpayer Certainty and Disaster Tax Relief Act of 2019 retroactively repealed Internal Revenue Code (IRC) Section 512(a)(7), implemented by the Tax Cuts and Jobs Act of 2017 (TCJA), Pub. L 115-97, which increased unrelated business taxable income (UBTI) by amounts paid or incurred for qualified transportation fringes. Congress had previously enacted this provision for amounts paid or incurred after December 31, 2017. To claim a refund or credit…

2021-01-13 Notice 2021-7 (Jan. 4, 2021) Due to the COVID-19 pandemic, certain employers and employees who use the automobile lease valuation rule to determine the value of an employee’s personal use of an employer-provided automobile may switch to the vehicle cents-per-mile method. If an employer provides an employee with an automobile that is available to the employee for personal use, the value of the personal use must be included in…

2021-01-06 Under the original CARES Act an employer could not receive both a PPP loan and an Employee Retention Tax Credit (ERTC, up to $5,000 per employee). Congress changed that so that you can obtain both. Up to $10,000 wages (including certain health plan costs) for each employee can be counted to determine the amount of the ERTC credit. This credit can apply to  wages paid after March 12, 2020.…