On October 15, 2021 the IRS released a Chief Counsel Memorandum (CCM) detailing the information taxpayers will be required to include when filing a research tax credit refund claim on an amended tax return
Learn moreThe bipartisan Infrastructure Investment and Jobs Act (IIJA) containing $550 billion in new funding for the nation’s traditional infrastructure and broadband was signed into law by President Biden on November 15, 2021. The bill doesn’t have nearly the breadth of tax provisions that the “Build Back Better” bill is proposing, but it does contain a few noteworthy changes. Particularly of interest, it ends the Employee Retention Credit (ERC) one quarter early for many employers.
Learn moreLong-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.
Learn morePresident Biden recently released his administration’s FY2022 budget request, which formalizes its legislative agenda for the fiscal year.
Learn moreWhile 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:
Learn moreThe 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.
Learn moreFor a second straight year, the Internal Revenue Service has delayed the April 15 tax filing deadline.
Learn moreThe 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.
Learn moreOn 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.
Learn moreNotice 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.
Learn moreThe 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.
Learn moreThe IRS and Treasury have finalized regulations implementing amendments made by the Tax Cuts and Jobs Act (TCJA) to business related meals and entertainment deductions.
Learn moreOn August 24, 2020, the Small Business Administration (SBA) published an Interim Final Rule (IFR), governing forgiveness of Paycheck Protection Program (PPP) loans.
Learn moreRecently, the IRS has stopped mailing three types of notices: CP501, CP503 and CP504. These notices typically go to taxpayers who have a balance due on their taxes.
Learn moreThe 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.
Learn moreOn December 17, 2019, the House of Representatives passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (H.R. 1865), with the expectation that the bill will quickly be passed in the Senate and signed into law by the President. As part of the legislation, Congress agreed to reinstate several popular tax breaks that expired at the end of 2017, in most cases through the end of 2020.
Learn moreThe IRS recently published proposed regulations that would further reduce a corporation’s already-limited ability to utilize its net operating loss (NOL), credits and interest expense carryforwards after an ownership change.
Learn moreThanks to the Nevada Legislature, companies with less than $4 million of Nevada gross revenue have less to do this summer. In the past, all companies conducting business in Nevada were required to file Commerce Tax returns regardless of revenue.
Learn moreAs part of the Tax Cuts and Jobs Act, for tax years beginning on or after January 1, 2018, the amount of business interest that is deductible for federal income tax purposes may be limited.
Learn moreRubinBrown 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.
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