Rev. Proc. 2021-15 was just issued. It expands the definition of what expenses qualify under IRC Sec.62(a)(2)(D) (ii) for the maximum $250 above line deduction for teachers. Protective items that are, or will be, used by the teacher to aid in preventing the spread of Covid-19 are now qualified expenses. This includes but is not limited to: face masks, disinfectant, soap, gloves, tape, chalk, barriers, air purifiers, etc. The expenses must paid paid or incurred after 3/12/20.
Wednesday night 6/3/20, the Senate passed House bill HR 7010 which provides relief for PPP loan payback. The 8 week period is extended to 24 weeks. The payroll cost percentage is now 60% as opposed to 75%. Payback period for loan is now 5 years instead of 2. Business may now delay payroll tax payments.
The bill now goes to the President for signature. More to come!