Ideas & Insights

The Restaurant Revitalization Fund is coming – SBA website soon to be operational – applicants should be ready.

IRS Issued Notice 2021-24 to extend relief for failure to deposit employment taxes for employers anticipating credits.

In addition to market sourcing and single-sales factor apportionment, the state adopts a withholding threshold for certain mobile workers.

Budget bill increases personal and corporate tax rates, enacts a SALT deduction workaround and makes other changes to the tax code.

Findings will be used by the legislature to determine whether Virginia should adopt mandatory unitary combined filing.

Beginning for the April tax period, certain taxpayers are subject to advance payment requirements despite a longer return filing period.

Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.

Eight new initiatives, affecting exempt orgs, employee plans and tax-exempt bonds, added to IRS Compliance Programs and Priorities website.

Spin-off ruling reflects viability of post-spin-off stock repurchases, with added twist: investment banks effect repurchases.

The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.

A roundup of recent tax law changes and other income tax provision considerations for the first quarter of 2021.

A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending March 31, 2021.

Comprehensive legislation addresses conformity, Paycheck Protection Program expense deduction, CAT exclusions and pass-through withholding.

Claimants not entitled to alternative fuel credit after IRS found activity did not qualify, despite issuance of IRS 637 registration.

Expanded FAQs further clarify that institutions do not report grant funds paid to students, and students do not include amounts in income.

This Alert describes and explains the postponement of certain federal tax filing and payment deadlines in IRS Notice 2021-21.

Kentucky passes a series of tax bills intended to attract cryptocurrency miners with new exemptions and credits.

PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.

The Iowa Department of Revenue advises taxpayers that Employee Retention Credit-related wage deduction reductions apply at the state level.

The new pass-through entity level tax may benefit some individuals subject to the $10,000 SALT deduction limitation.