The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Act), which was passed into law on December 27, 2020, provides relief to taxpayers in the event of natural disasters. The bicameral law contains more cash for the COVID-19 stimulus program as well as further assistance for taxpayers whose lives have been disrupted by the…
In the year 2020, the construction and real estate industries experienced a rollercoaster of ups and downs as a result of the COVID-19 pandemic, which affected diverse industries in various ways. While there has been a slowdown in commercial development, the residential construction industry is flourishing. Low mortgage rates, ongoing trends toward work-from-home arrangements, and…
Although it was a provision of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) at its inception, the Employee Retention Credit (ERC) did not gain widespread recognition until the 2021 Consolidated Appropriations Act made it legal for borrowers of the Paycheck Protection Program (PPP) to be eligible for the credit. This refundable payroll…
House Bill 243 was signed into law by Governor Roy Cooper of North Carolina on March 17, 2022. (HB 243). The budget for the state of North Carolina was approved in November of last year, and the purpose of House Bill 243 was to make changes that were both technical and clarifying in nature. In…
The rules and regulations of the government are notoriously tough to traverse, and one may even go so far as to argue that they pose a threat if a form is filled out improperly or if mistakes are made when dealing with Uncle Sam. When rare chances and government-funded channels of help do present themselves,…
Employee for the year 2021 The December Consolidated Appropriations Act of 2021 provided for retroactive applicability of the ERC for the year 2020, as well as for the extension and expansion of the ERC for the first two quarters of 2021, and it also liberalized the standards for the ERC for the year 2021. Importantly,…
