Expensing for Qualified Sound Recording Productions |
No expensing for sound recording productions. |
Allows expensing up to $ 150,000 per production, with bonus depreciation eligibility. |
This accelerates tax benefits, improves cash flow, and incentivizes investment in sound recording projects. |
Limitation on Employee Retention Credits and Refunds |
ERC is available for wages paid after March 12, 2020 and before October 1, 2021( or, for recovery startup businesses, before January 1, 2022). Deadline for amending payroll tax returns for 2020 and 2021 was April 15, 2024 and April 15, 2025, respectively. |
The OBBBA retroactively imposes a new deadline of January 31, 2024. No Employee Retention Credit or Refund will be allowed for claims filed after that date. |
Businesses cannot file new ERC claims after this date, effectively ending the program before the statutory deadline. Refunds for valid claims filed after this date will be denied. |
Extension of Limitation for Assessment related to Employee Retention Credits |
A three year statute generally applies to ERC claims for calendar quarters in 2020 and the first and second quarters of 2021. A five year statute applied for the third and fourth quarters of 2021. |
Extends statute of limitations to six years for all ERC claims. The six year statute begins on the later of the date of filing of the original return or amended return / refund claim. |
The IRS has more time to audit and assess additional tax or disallowance related to ERC claims, increasing compliance risk for businesses that claimed the credit. |