This came out today, and by putting it here, maybe it will be helpful for the 2021 tax filing year, or at least be a reference when the bajillion questions roll in about it. I highlighted pertinent sections.
IR-2021-145, July 6, 2021
WASHINGTON — The Internal Revenue Service today posted answers to questions that certain transportation companies may have regarding Treasury grants and related taxes.
The Coronavirus Economic Relief for Transportation Services (CERTS) Act of the Consolidated Appropriations Act of 2021 authorizes the Department of the Treasury to provide grants to transportation service providers--including eligible motorcoach companies, school bus companies, and passenger vessel companies-- that experienced annual revenue losses of 25% or more as a result of COVID-19.
These companies must generally prioritize the use of the grants for payroll costs, though grants may be used for certain operating expenses (including the acquisition of services and equipment needed to protect workers and customers from COVID-19) and the repayment of debt accrued to maintain payroll. Funds not used for eligible activities within one year of receipt of the grant must be returned to the Treasury Department.
The FAQs posted today answer two important questions:
Additional information about tax relief for businesses affected by the COVID-19 can be found on IRS.gov.
And:
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Thanks for the information qb
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