The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year. | Beer, restaurants and Nascar win tax breaks in virus-relief bill | | By Laura Davison 5 min read | | Tucked in among more than 5,000 pages of legislative text, the congressional bill providing COVID-19 relief and 2021 government funding includes dozens of tax breaks for beneficiaries ranging from downtown restaurants and the film industry to motor-sports racetracks. | |
| KPMG tax chief plans for disruptive year ahead | | By Michael Cohn 10 min read | | Greg Engel is anticipating another year of tumultuous changes as clients deal with the coronavirus pandemic and new policies from the incoming Biden administration. | |
| Businesses get $100B tax write-off windfall in aid bill | | By Laura Davison and David Hood 3 min read | | Small business owners who got Paycheck Protection Program loans could qualify for big write-offs from their rescue money, amounting to what Treasury Secretary Steven Mnuchin has called a tax-break “double dip.” | |
| Biden suggests ‘foul play’ in efforts to target son’s taxes | | By Justin Sink and Chris Strohm 3 min read | | The president-elect believes efforts to use his son as a political cudgel amounted to “foul play” amid a federal investigation into Hunter Biden’s tax matters and Republican calls for a special counsel investigation into his foreign dealings. | |
| WEB SEMINAR | | Auditor best practices for busy season | | Many firms struggle to comply with what is at the core of every audit, like identifying and responding to risks of material misstatement. That is why proactively learning good audit best practices can only be beneficial to your firm. | |
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