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Tony Nitti Resources

Tony-Nitti-Content-Headshot.jpgRubinBrown Partner Tony Nitti is a renowned tax expert and luminary.

Nitti is a well-known contributor of tax content to Forbes, as well as a frequent speaker and trainer at seminars and webcasts across the country.

Nitti focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions.

Nitti is best known throughout the accounting profession as the author of numerous feature articles for The Tax Adviser, Taxes Magazine, the Journal of Accountancy and Accounting Today. He co-authored the CCH expert tax treatise: Corporations Filing Consolidated Returns, and since 2012 has been a featured tax writer for Forbes.

His Forbes column has a national following in the hundreds of thousands. He also writes a weekly newsletter for Forbes called Nitti Gritty Tax, which offers indispensable tax news, analysis and commentary. His opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money, the Wall Street Journal and the New York Times.


Focus on Taxation: Employee Retention Credit Update

Long-awaited additional guidance on the Employee Retention Credit (ERC) was recently provided in Notice 2021-49 covering changes to the credit for quarters three and four of 2021, as well as general guidance for all quarters on a few gray areas.


Focus on Taxation: Tax Highlights from Biden’s Proposed Budget Plan

President Biden recently released his administration’s FY2022 budget request, which formalizes its legislative agenda for the fiscal year.


Focus on Taxation: COVID Relief Update

While the first COVID-related legislation was enacted over a year ago, resulting programs are still ongoing or just getting started. Below is the latest on relief programs available for businesses impacted by the pandemic:


Focus on Taxation: IRS Issues Official Guidance on 2021 Tax Deadline Postponement

The IRS issued Notice 2021-21 to provide additional guidance on the postponement of the federal April 15 tax deadline to May 17, 2021 for individuals.


Focus on Taxation: IRS Announces One Month Filing and Payment Extension for Individuals    

For a second straight year, the Internal Revenue Service has delayed the April 15 tax filing deadline.


Focus on Taxation: Preparing for the Shuttered Venue Operators Grant Program’s Opening Day

The Shuttered Venue Operators (SVO) grant program is slated to open April 8th after having a slow start since first established as part of the Consolidated Appropriations Act in December of 2020.


COVID-19: President Biden Signs Additional COVID Relief Package

On March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA) into law. The $1.9T stimulus package passed Congress largely along party lines, with one Democrat voting in opposition.


Focus on Taxation: Nominal Effect Defined for the Employee Retention Credit

Notice 2021-20 provides much needed guidance on the 2020 Employee Retention Credit (ERC), including a definition of the word “nominal” as it is used in in determining whether a business has sustained a partial shutdown.


Focus on Taxation: New Grant Program for Shuttered Venue Operators

Live venue operators impacted by the pandemic may find significant help in the form of a new grant made available by the December COVID-19 stimulus package.


Focus on Taxation: Employee Retention Credit

The recently enacted Consolidated Appropriations Act, 2021 (CAA) has given new life to the Employee Retention Credit (ERC) initially made available by the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act.


Focus on Taxation: PPP Reopens for First Draw and Also Provides a Second Draw

Pursuant to recent COVID-19 relief legislation, the SBA announced that the Paycheck Protection Program (PPP) will reopen beginning on Monday, January 11. To give underserved and minority business owners a first chance at the $284B, community financial institutions will be the only lenders able to make First Draw PPP loans on Monday.


Focus on Taxation: Congress Strikes a Stimulus Deal

Despite several months of stalled negotiations, the long-awaited, much debated second COVID-19 stimulus package has been finalized.


Focus on Taxation: Considerations for 2020 Year-End Tax Planning

The 2020 election has left the future of tax policy uncertain. While Democrats maintained a slim majority in the House of Representatives, the final composition of the Senate will not be decided until two runoff elections are held in Georgia in January of 2021.


COVID-19: SBA Releases Interim Final Rule Governing Forgiveness of Paycheck Protection Program (PPP) Loans

On August 24, 2020, the Small Business Administration (SBA) published an Interim Final Rule (IFR), governing forgiveness of Paycheck Protection Program (PPP) loans.


COVID-19: Small Business Administration Publishes Frequently Asked Questions Regarding PPP Loan Forgiveness

On August 4, 2020, the Small Business Administration (SBA) published 20 new Frequently Asked Questions (FAQs) governing forgiveness of Paycheck Protection Program (PPP) loans.


Focus on Taxation: Notice 2020-43 Proposes Two New Methods for Reporting Partner Capital Accounts on Partnership Returns

The IRS recently published Notice 2020-43, which proposes two new methods for reporting partner capital accounts on partnership returns (Form 1065 or Form 8865) and requests comments on the proposed methods.


COVID-19: Employee Retention Credit FAQ

The IRS recently published additional FAQs on the refundable Employee Retention Credit (ERC), as well as draft Form 941 for 2020.


COVID-19: Rev Proc. 2020-25 Provides Guidance On Claiming Retroactive QIP Depreciation

On Friday, April 17, 2020, the IRS released Revenue Procedure 2020-25. This guidance explains how taxpayers may now claim accelerated depreciation or bonus depreciation on Qualified Improvement Property (QIP) for tax years 2018-2020.


COVID-19: Revenue Procedure 2020-22, Reversing a Prior Election out of the Interest Limitation Rules

On Thursday, April 9, the IRS published Revenue Procedure 2020-22, allowing taxpayers who made an irrevocable election out of the interest expense limitation of Section 163(j) as a “real property trade or business” on a 2018 or 2019 tax return to undo the election.


COVID-19: IRS Payroll Deferral FAQ

On April 10, 2020, the IRS released guidance on the employment tax deposit deferral that came as part of the CARES Act.


COVID-19: Notice 2020-23

On April 9, 2020, the IRS released Notice 2020-23, which automatically postpones due dates for payments, returns, and form filings specified in the notice to July 15th, 2020.


COVID-19: Revenue Procedure 2020-23

On April 8th, 2020, the Internal Revenue Service released Rev. Proc. 2020-23.


COVID-19: Notice 2020-20 Extends Filing and Payment Date for Gift Tax Returns

On March 27, 2020, the IRS published Notice 2020-20, which expands relief provided previously in Notice 2020-18. The notice extends the due date for Form 709, (Gift and Generation Transfer Skipping Tax Return), as well as the date for making payments of Federal gift and generation-skipping transfer tax from April 15, 2020 until July 15, 2020.


COVID-19: IRS Provides Additional Guidance of Blanket Extension of April 15 Tax Deadline to July 15

Last Friday, the IRS superseded and expanded guidance issued earlier in the week by giving certain taxpayers an extra three months to file and pay their taxes.


COVID-19: Federal Emergency Declaration Opens Door for Employers to Make Certain Tax-Free Payments to Employees

With President Trump having issued an “emergency declaration” related to the COVID-19 pandemic, the IRS delayed tax season until July 15th by relying on Section 7508A(a) of the Internal Revenue Code, which can only be done when there is a “federally declared disaster” pursuant to Code Section 165.


COVID-19: President Signs into Law Coronavirus Relief Act

On March 18, 2020, President Trump signed into law the Families First Coronavirus Relief Act. In addition to providing free COVID-19 testing, access to meals for children required to stay home from school and extended unemployment insurance, the bill includes benefits for employees and employers impacted by the pandemic. 


COVID-19: Questions Related to Notice 2020-17

As the April 15 tax deadline fast approaches, the nation continues to struggle with the Coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin promised relief for taxpayers, and on March 18th, the IRS formalized that relief by publishing Notice 2020-17


COVID-19: Treasury Department Delays April 15 Tax Payment Deadline

The United States Treasury Department announced today, March 17, that it would be pushing back the April 15 deadline to pay taxes owed by 90 days, giving Americans three extra months to pay their 2019 income tax bills.


Focus on Taxation & Real Estate: Tax Savings Related To Opportunity Zones

In summary, the article details that the newly created qualified opportunity zones offer an intriguing tax planning option for investors and a potential boon for distressed communities.


Focus on Taxation:  Analysis of the New Tax Law

Last week, RubinBrown Partner Tony Nitti spoke on a panel that analyzed the new tax law, as well as the latest views about the law among taxpayers and journalists.


Focus on Taxation: Providing Clarity on Section 199A

RubinBrown Partner Tony Nitti recently took part in a nonpartisan tax think tank which debated the pros and cons of the new Section 199A, more widely known as the 20% pass-through deduction. 

Tony Nitti as featured on Forbes:


Stimulus Payments, Paycheck Protection Program Expense Deductibility Headline Tax Changes In Latest Covid Relief Package

When Congress initially responded to the Covid-19 pandemic by passing the CARES Act on March 27th, 2020 — handing down individual stimulus payments, Paycheck Protection Program loans, supplemental unemployment benefits and a bevy of additional tax breaks to struggling businesses — many anticipated that if the virus continued to spread unabated, additional relief would quickly follow.

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Congress Agreed To Make PPP Expenses Deductible, But You May Have To Wait A Year To Benefit

Look, I’ve never been a particularly happy guy. But if there’s one thing that really gets me down, it’s everyone else being happy.

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Breaking Down Changes To The Employee Retention Tax Credit In The New Covid Relief Bill, Part 1

As the nation awaits the President’s signature on the Consolidated Appropriations Act, 2021 – a 5,500 page spending and COVID stimulus bill – tax nerds march ahead undeterred, knowing that should that signature arrive, the need to undertake significant tax planning will be upon them before the ink is dry.

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Breaking Down The Changes To The Employee Retention Tax Credit In The New COVID Relief Bill, Part 2

With the Consolidated Appropriations Act, 2021 (the Act) finally signed into law, we can start to take a deep dive into the more impactful changes found within the 5,500-page piece of spending and stimulus legislation.

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Paycheck Protection Program Loans: Three Things The SBA And Banks Need To Agree On Now

This past Friday, the federal government rolled out its Paycheck Protection Program (PPP), which was designed by the recently-enacted CARES Act as a way to get $350 billion into the hands of small business owners.

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Congress Reaches Agreement On A Coronavirus Relief Package: Tax Aspects Of The CARES Act

Congress has agreed in principle to a $2 trillion relief package. What tax benefits does it offer individuals and businesses?

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House, Senate Coronavirus Relief Bills Offer Different Cash Payouts To Individuals

The Senate and House have both proposed bills that would provide immediate cash payments to most adult Americans. The amounts of the payments, however, differ greatly.

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Little-Known Tax Law Allows Employers To Make Tax-Free Payments To Employees To Cover Covid-19 Expenses

Section 139 was designed for times like these; it allows an employer to make tax-free payments to employees to cover certain COVID-19 related expenses.

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Mitch McConnell Wants To Give Everyone Some Cash: How Would It Work?

The CARES Act would attempt to put money in the pocket of most Americans. But how would it work?

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