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Parms + Company Blog

The Parms blog shares our insights about trending and time-tested topics that are important to our clients and the profession.

802, 2021

Taxpayer Certainty and Disaster Tax Relief Act of 2020

February 8th, 2021|Categories: Tax|Tags: , , , |0 Comments

Charitable Contribution Extensions The CARES Act included temporary changes to the limitation on charitable contributions in order to encourage taxpayers to support charities, hopefully lessening the impact of the pandemic on those in need. For individuals, the limitation on charitable contributions was increased from 60 percent of the contribution base to 100 percent for 2020. Also, individual taxpayers can claim a $300 above-the-line charitable contribution on 2020 tax returns. Meanwhile, the CARES Act increased the percentage limitation on charitable contribution deductions for corporations from 10 percent to 25 percent for qualified cash contributions made in 2020. A corporation may carry forward for five years any qualifying contribution that exceeds the 25-percent limit. The deduction limitation for contributions of food inventory from any trade or business is also temporarily increased from 15 percent to 25 percent for donations of food inventories made during 2020. All of these provisions are extended to 2021 under the new law. Tax Extenders The act also extends many popular tax breaks for individuals and businesses. These provisions, commonly [...]

2501, 2021

No Surprises Act

January 25th, 2021|Categories: Accounting, Tax|Tags: , , , |0 Comments

The omnibus package also includes the No Surprises Act, the highlight of which is a prohibition on surprise medical bills, where a patient receives a separate, and sizable, medical bill from an out-of-network health provider while receiving treatment at an in-network facility. Due to the peculiarities of healthcare-related legislation, largely due to the Affordable Care Act, many changes are made to the Internal Revenue Code, but the breadth of actual tax impact is narrow, and in most cases nonexistent.

1101, 2021

Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues

January 11th, 2021|Categories: News, Non-Profit, Small Business, Tax|Tags: , , , , |0 Comments

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act is largely related to the extension and enhancement of the popular Paycheck Protection Program. The significant majority of this section of the act does not have a direct tax effect. However, because the PPP does provide for the exclusion from income of forgiven PPP loans, it does have a tangential effect and is worth noting the existence of the extension. However, the PPP itself is beyond the scope of this Wolters Kluwer Briefing. This section of the act does not contain the allowance of a business expense deduction where the expenses were paid for with forgiven PPP loans. That was contained in the COVID-19-Related Tax Relief Act and is discussed above.

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