Congress passed regulations in December that made several changes to business tax deductions and incentives. They aren’t only in favor of big companies and corporations — small business owners can take advantage of these just the same.
One of the major changes brought by the Consolidated Appropriations Act is that businesses borrowing through the Paycheck Protection Program (PPP) are now allowed to both receive a loan and claim the employee retention tax credit. Under the original CARES Act passed at the start of the pandemic, businesses had to choose one or the other.
About the Author
Dean Zerbe is alliantgroup’s National Managing Director based in the firm’s Washington, D.C. office. Prior to joining alliantgroup, Zerbe was Senior Counsel and Tax Counsel to the U.S. Senate Committee on Finance. He worked closely with then-Chairman of the Finance Committee, Senator Charles Grassley, on tax legislation. During his tenure on the Finance Committee, Zerbe was intimately involved with nearly every major piece of tax legislation that was signed into law, including the 2001 and 2003 tax reconciliation bills, the JOBS bill in 2004 (corporate tax reform) and the Pension Protection Act.