Ideas & Insights

Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.

Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.

California FTB amends remote worker nexus guidance, teleworking employees will create nexus and exceed P.L. 86-272 protections.

Guidance extends continuity safe harbors for Investment Tax Credit and Production Tax Credit if construction began between 2016-2020.

Notice 2021-42 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.

Provides guidance into the extended approval of exemptions for distilled spirits permittees to facilitate hand sanitizer production.

Three years after the Wayfair decision, economic sales tax nexus has become the norm, but unanswered questions and numerous issues remain.

Partnerships making certain narrow, and specified changes, may not need to file administrative adjustment requests.

COVID-19 legislation permits taxpayers to provide tax-free payments for certain student loan payments through 2025.

Virtual workforce opportunities have allowed employees to become transient, potentially increasing or reducing your state tax obligations.

ARPA requires health plans to provide employees with six months of free COBRA coverage due to hours reduction or involuntary termination.

States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.

Proposals include a $500,000 cap on gain deferral for like-kind exchanges and eliminating stepped-up basis with a $1 million exemption.

SBA announces opening date for Restaurant Revitalization Fund – Registration on April 30 at 9 am EDT; applications on May 3 at 12 pm EDT.

IRS safe harbor for fiscal year taxpayers on accounting period in which to deduct PPP expenses provides choices and certainty.

After technical issues caused the SBA to shut down the SVOG Portal earlier this month, the Portal will relaunch with a revised application.

Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.

U.S. private equity and venture capital funds with German investors have an additional 6 months to file German partnership returns for 2019.

IRS extended use of digital & electronic signatures for tax forms & documents & use of email for sending/receiving certain documents.

SBA releases draft application as well as a program guide for the Restaurant Revitalization Fund. Potential applications should review.