IRS Update on Economic Impact Payments
On March 17, the IRS, Treasury, and the Bureau of the Fiscal Service announced that they had disbursed approximately 90 million Economic Impact Payments (EIPs) from the American Rescue Plan. EIPs are ...
IRS Clarifies 2020 Unemployment Payment Treatment
On its website, the IRS has provided instructions on reporting 2020 unemployment compensation following the enactment of the American Rescue Plan Act.For taxpayers with modified adjusted gross income ...
SBA Introduces New PPP Loan Application Forms
The Small Business Administration has introduced new Paycheck Protection Program (PPP) loan application forms for borrowers that are Schedule C filers. These new applications reflect new rules that al...
Guidance on Employee Retention Credit for 2020
The IRS has issued guidance for employers claiming the COVID-19 employee retention credit under Act Sec. 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136), as ...
Alert on Improper DPAD Refund Claims
The IRS has issued an alert concerning amended returns and claims for the domestic production activities deduction (DPAD) under Code Sec. 199, which was repealed as part of the Tax Cuts and Jobs Act f...
Large Cash Transaction Reporting Reminder
The IRS has reminded businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000. Generally, any person in a trade or business who receives more than $10,000 in cash in ...
IRS Resources Available in Multiple Languages
The IRS has said that it continues its efforts to expand ways to communicate to taxpayers who prefer to get information in other languages. For the first time ever, the IRS has posted a Spanish langua...
2021 Foreign Housing Expense Amounts
The IRS has provided the foreign housing expense exclusion/deduction amounts for tax year 2021. Generally, a qualified individual whose entire tax year is within the applicable period is limited to ma...
AK - Refund claim denied as untimely
For Alaska corporate income tax purposes, a corporation and its subsidiaries (taxpayer) was properly denied the taxpayer’s refund claim as untimely. In this matter, the taxpayer identified underrepo...
GA - IRC conformity bill goes to governor
The Georgia senate passed legislation to update the state’s income tax Internal Revenue Code (IRC) conformity date. The bill incorporates federal tax law changes enacted on or before January 1, 2021...
IN - IRC conformity bill passes house
The Indiana House passed legislation to updated the state’s income tax Internal Revenue Code (IRC) conformity date. The bill incorporates federal tax law changes in effect on January 1, 2021. H.B. ...
ME - Changes to 2020 individual tax forms discussed
Maine Revenue Services has issued a Tax Alert discussing significant changes to 2020 individual income tax forms. In addition to certain line update changes, Schedule PTFC/STFC has been revised to ref...
NE - Family corporation exemption explained
The Nebraska Department of Revenue has provided guidance on the application of the documentary tax stamp exemption for transfers involving family corporations, partnerships and limited liability compa...
OR - Corporate activity tax webpage updated
Corporate income taxpayers may now access FAQs related to corporate activity tax (CAT) grouped together in a single page at Oregon Department of Revenue’s CAT webpage. The FAQs are grouped together...
TX - Texas franchise tax deadline extended
Texas has extended the due date for 2021 franchise tax reports from May 15 to June 15. The Comptroller announced the extension in response to the recent winter storm and power outages in the state. Th...
WY - Tax lien requirements amended
Provisions on perfecting an ad valorem tax lien relating to Wyoming mineral production have been amended. For liens prior to and after January 1, 2021, a new owner extracting the mineral cannot presen...