Ronald L. Tharp PC logo

12900 Preston Road, #800

Dallas, TX 75230

 

972-661-9928

 

www.rtcpa.us

2021 Tax Planning Guide

More Pandemic Related Legislation

Responding on business e-mail. Beautiful young African woman working using computer and smiling while standing in workshop

GRANTS FOR SHUTTERED VENUE OPERATORS
Congress authorized the SBA to provide grants of up to 67.5% of 2019 gross revenue to certain venue and entertainment operators who showed at least a 25% drop in revenue in 2020 compared with 2019. Total grants can’t exceed $10 million per qualified venue. Qualified venue operators must have been fully operational at February 29, 2020 and must state they intend to remain in business.


DEFINED BENEFIT PLAN CONTRIBUTIONS
The CARES Act allows for deferral of contributions to single-employer defined benefit pension plans. Any contribution required to be made in 2020 can be made as late as January 4, 2021 and still be considered to be paid on time. This
deferral is intended to help alleviate additional adverse impacts on business owners who were impacted by the COVID-19 pandemic.


Discuss tax credits with your tax professional each year. As your business grows, you may be able to claim additional credits that were not previously allowed. Discuss tax credits with your tax professional each year. As your business grows, you may be able to claim additional credits that were not previously allowed.


INDIAN EMPLOYMENT CREDIT RESURRECTED
The Indian Employment Credit, which expired at the end of 2017, is back in force through December 31, 2021. This credit incentivizes employers to boost employment on Indian reservations. The credit is worth up to 20% of the first $20,000 in qualified employee wages and health insurance costs over the amount of these costs and wages incurred by the employer in 1993.


EMPOWERMENT ZONE TAX INCENTIVES
The Empowerment Zone Tax Incentive program, which was designed to incentivize business investment and job growth in certain economically disadvantaged areas is available through December 31, 2025. The program may entitle you to expanded Section 179 deduction allowances, potential deferral of capital gains under IRC Section 1397B, and the ability to finance projects using certain tax-exempt bonds under IRC Section 1394.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online tax guide so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Ronald L Tharp, PC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.