Simply Tax Episode 117: New Year, New Tax Changes
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) @1:42
- What is the ERC? @1:55
- What changed? @5:15
- How do you claim the ERC retroactively for 2020? @9:55
- Extended credits under the Families First Coronavirus Relief Act @10:50
- Paid sick leave vs. expanded family leave @12:38
- 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
BIO FOR OUR GUESTS
Jesse Palmer is a tax partner at BKD and serves as director of tax quality control in the firm’s National Office Tax Department. His responsibilities include quality control, risk management, and day-to-day administration of the firm’s national tax practice. Jesse works closely with the national tax director on firmwide tax quality control projects and support-related tasks.
Yelena Bosovik serves as a manager in BKD’s National Office Tax Department.
- Archived BKD webinar: What Businesses & Individuals Need to Know About the Latest COVID-19 Stimulus Bill (December 28, 2021)
- BKD articles
- Expanded Employee Retention Tax Credit Opportunities (January 8, 2021)
- Employee Retention Credit: What Entities Should Know (Updated January 11, 2021)
- Stimulus Aid for Venues – Government & NFP Eligibility (January 6, 2021)
- “Simply Tax™” Episode 116: New Year, New PPP Changes (January 11, 2021)
- COVID-19 information centers:
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