Search
Certified Public Accountants
& Business Consultants
Tax Cuts and Jobs Act buttons
Services Tax  Tony Nitti Resources

Tony Nitti Resources


WATCH ON DEMAND! Webinars Related to COVID-19 & Tax Legislation

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.

08/16/2021

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.

06/08/2021

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.

04/22/2021

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:

03/30/2021

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.

03/22/2021

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.

03/22/2021

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.

03/11/2021

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.

03/05/2021

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.

01/20/2021

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.

01/15/2021

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.

01/12/2021

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.

01/06/2021

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.

12/15/2020

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.

08/28/2020

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.

08/13/2020

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.

06/12/2020

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.

05/04/2020

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.

04/20/2020

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.

04/13/2020

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.

04/13/2020

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.

04/10/2020

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.

04/09/2020

COVID-19: Revenue Procedure 2020-23


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

03/28/2020

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.

03/24/2020

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.

03/23/2020

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.

03/19/2020

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. 

03/19/2020

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

03/17/2020

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.

03/08/2019

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.

02/18/2019

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.

03/01/2019

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.

Continue Reading

 

 

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.

Continue Reading

 

 

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.

Continue Reading

 

 

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.

Continue Reading

 

 

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.

Continue Reading

 

 

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?

Continue Reading

 

 

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.

Continue Reading

 

 

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.

Continue Reading

 

 

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?

Continue Reading