On December 27, 2020, President Donald Trump signed the Consolidated Appropriations Act, 2021 (H.R. 133) into law.  Below are the significant individual and business provisions.

Extension of Unemployment Insurance Compensation Benefits

An 11-week extension of unemployment insurance benefits.  This will provide an additional $300 per week along with state unemployment insurance.

Stimulus Checks to Individuals

Similar to the first round of stimulus checks fro Read More >>

On August 8, 2020, President Trump signed an executive memorandum calling for a payroll tax holiday for Americans making less than $104,000. This results in a deferral of the employee portion of the social security taxes owed between September 1, 2020, and December 31, 2020.

On Friday, August 28, the IRS released further guidance.

When weighing your options, it’s important to note that this is not a tax cut but a deferment.

This means that the tax will still need to be paid in 2 Read More >>