Potential Strategies to Combat Increased Taxes
Many individuals are stuck in a holding pattern as they wait to see what impact the Biden Administration will have on tax regulations. The President has shared what he’d like to see happen, but until those proposals are put into law, it can be hard to know what strategies to take — if any.
We're excited to announce that MRPR has made Crain's 2021 Cool Places to Work list in Michigan. MRPR ranks 72 among 100 companies recognized by their employees for having outstanding workplace culture.
On Thursday March 11, 2021 President Biden signed the American Rescue Plan Act of 2021, H.R. 1319. This is the third major relief package to help Americans who are struggling with losses and setbacks from COVID-19 related government lockdowns and countermeasures.
Following the $1.7 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) of March 2020, and the $900 billion Consolidated Appropriations Act (CAA) of December 2020, the $1.9 trillion American Rescue Plan Act “the Act” provides several tax benefits for individuals and businesses alike.
On Saturday, January 9th the Treasury and the SBA released new PPP guidance and application forms. The new guidance includes overviews of the First and Second PPP draws and the Revised PPP1-Borrower-Application-Form and Second-Draw-Borrower-Application-Form.
Christmas came early this year! As part of the Consolidated Appropriations Act of 2021, Congress has passed a stimulus package (“COVID-related Tax Relief Act of 2020”) that has provided a variety of useful provisions and clarifications for individual and business taxpayers alike. While not as comprehensive as the CARES Act passed earlier this year, it provides much-needed aid.
Under the Paycheck Protection Program (PPP), borrowers who received a PPP loan in excess of $2 million, whether from a single loan or the combined total (together with affiliates), have known for a while that their loans would receive increased attention from the Small Business Administration (SBA). To that end, the SBA Form 3509 must be submitted for loan amounts of $2 million or greater.
The Michigan Department of Treasury has granted a 31-day waiver for penalty and interest for the late reporting of sales, use, and withholding (SUW) taxes ordinarily due on December 20, 2020. Because of this waiver, any SUW returns and payments for affected businesses can be made without interest or penalty until January 20, 2021.
On November 30th, the MEDC announced that the Michigan Strategic Fund approved the funding of up to $10 million to assist small businesses disproportionately impacted by COVID -19. The “Pure Michigan Small Business Relief Initiative” will utilize Federal CARES Act monies to award up to $15,000 each to Michigan small businesses.
On Wednesday, March 18, 2020, the Families First Coronavirus Response Act H.R. 6201 was signed into law by President Trump after the Senate passed the bill by a 90-8 vote. The Act contains provisions for paid leave for employees, tax credits for business owners, COVID-19 testing, unemployment insurance and additional funding for government programs. The bill takes effect no later than April 1, 2020, and it will sunset on Dec. 31, 2020.
As the federal government and state governments across the country struggle to deal with the ongoing COVID-19 (Wuhan coronavirus) pandemic, state tax agencies are offering relief to taxpayers as the economy adapts to the social distancing requirements prescribed by the Centers for Disease Control (CDC). Michigan is following suit by extending certain protections to affected taxpayers.