What Small Business Tax Relief Programs Are Set to Expire in December 2020?

What Are the Tax Relief Programs Set to Expire in December 2020?

The following tax relief programs are set to expire in December 2020:

• Employee Retention Credit (ERC)
• Paycheck Protection Program (PPP)
• Taxpayer First Act
• Taxpayer Certainty and Disaster Tax Relief Act
• Families First Coronavirus Response Act

What Do You Need to Do to Take Advantage of the Programs?

To take advantage of the programs, you'll need to:

• File your taxes by the deadline
• Claim the credits and deductions available to you
• Provide documentation to support your claims
• Meet the eligibility requirements for each program

What Are the Benefits of Taking Advantage of the Programs?

By taking advantage of the programs, you'll be able to:

• Reduce your tax liability
• Receive a refundable tax credit
• Access forgivable loans
• Receive other tax benefits and relief measures

What Are the Consequences of Not Taking Advantage of the Programs?

If you don't take advantage of the programs, you may:

• Miss out on valuable tax benefits and relief measures
• Face increased tax liability
• Be unable to access forgivable loans
• Face other financial consequences

Conclusion

In conclusion, small business owners need to be aware of the tax relief programs set to expire in December 2020. By understanding which programs are set to expire and what you need to do to take advantage of them, you can reduce your tax liability, receive a refundable tax credit, and access forgivable loans. Don't miss out on these valuable benefits – take advantage of the programs today!