New Year, New Tax Changes #117

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By Damien Martin, Damien R. Martin, and CPA. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Tax headlines are swirling after several tax-related developments following the enactment of the 2021 Consolidated Appropriations Act on December 27, 2020. Tune in as host Damien Martin cuts through the static of these significant changes with returning guests Jesse Palmer and Yelena Bosovik. Here’s what’s covered:

  • Expanded and extended employee retention credit (ERC)
    • What is the ERC? [01:55]
    • What changed? [05:17]
    • How do you claim the ERC retroactively for 2020? [09:54]
  • Extended credits under the Families First Coronavirus Relief Act [10:50]
    • Paid sick leave vs expanded family leave [12:32]
    • Importance of documentation [13:45]
  • Important considerations for the ERC [15:45]
  • Business meal deduction changes [22:00]
  • Charitable provisions for individuals [25:52]
  • Deferral of the employee’s portion of Social Security tax [27:26]
  • Other employment benefit changes [31:15]
  • Extender provisions [35:12]
  • Closing remarks [42:30]

Learn more about our guests and get additional resources here.

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132 episodes