Beware of traps with paid time off policies
Some common paid time off (PTO) policy features cause taxable income to unexpected parties at unexpected times. Learn more here.
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Smile! New IRS identity verification process requires a selfie
The IRS is tackling identity theft by using ID.me verification technology to guard access to online services.
President Biden signs American Rescue Plan Act of 2021
$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.
Opportunity zone investors should consider state and local tax credits
Companies may be able to realize additional tax savings through state tax credits and other incentive programs.
Colorado enacts numerous tax-related bills
Trio of tax bills impact individual and business filers with significant corporate income tax changes scheduled for 2022.
Nebraska enacts new sales and use tax exemption for ethanol producers
Nebraska broadly exempts manufacturing inputs used by ethyl alcohol producers from the sales and use tax effective Oct. 1, 2021.
Nebraska cuts corporate income tax rates
Nebraska enacts corporate income tax rate reductions over the next two years while promising more reductions in subsequent measures.
New IRS guidance on health FSAs and dependent care assistance programs
IRS provides guidance on dependent care assistance program enhancements made due to COVID-19-related legislation.
As income tax rates increase, beware of certain deferral strategies
Tax-deferral techniques—possibly spurred by a potential increase to capital gains rates—must be scrutinized, as evidenced by this IRS memo
IRS issues PPP expense deduction safe harbor for fiscal year taxpayers
IRS safe harbor for fiscal year taxpayers on accounting period in which to deduct PPP expenses provides choices and certainty.
2021 Gifts – Buyer beware of the risk of retroactivity
From retroactivity to loss of planning techniques, this year we face a unique set of concerns when considering gift and estate planning.
Guidance issued for employers claiming the Employee Retention Credit
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
Colorado restores certain business deductions related to the CARES Act
Colorado enacts law restoring certain deductions related the to the CARES Act for both business and individual taxpayers.
Employee Retention Credit: Answers to frequently asked questions
The Employee Retention Credit provides liquidity benefits for many businesses and was significantly expanded for 2020 and 2021.
New IRS guidance on health FSAs and dependent care assistance programs
Employers can add flexibility to their health flexible spending accounts and dependent care assistance programs per Notice 2021-15.
PPP forgiveness and expenses: State tax implications
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.