Like IRS, Most States Postpone Tax Day

Although they haven’t all followed suit, most states across the country have followed the Internal Revenue Service example and postponed their state tax filing deadlines until May 17. As we advised you last week, the IRS for the 2nd consecutive year has postponed the tax filing date – for individual taxpayers only this time –…

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IRS Extends Tax Filing Deadline

On Wednesday of this week, the Internal Revenue Service along with the U.S. Department of Treasury announced that the filing deadline for individual taxpayers has been extended for an additional month, to May 17, 2021. The extension only applies to individual taxpayers – not business taxes – and is automatic and therefore does not require…

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But a New Taxman Cometh

Notwithstanding the magnanimity of the Internal Revenue Service in the wake of the coronavirus pandemic and extreme winter storms in some states, reports have the Biden administration putting together a package of new tax increases – the first since 1993 – that’ll raise taxes on many individuals and businesses across the nation. Needless to say,…

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The Warren Wealth Tax is Back

Notwithstanding that she never won a single primary – losing even her home state – Massachusetts Senator Elizabeth Warren has resurrected the centerpiece of that failed campaign, the Ultra-Millionaire Wealth Tax Act for consideration in the US Senate. Were it to be passed into law, the bill would create an annual tax of 2 percent…

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Wisconsin Amends Tax Law for PPP

An ongoing problem with the acceptance of Paycheck Protection Program loan forgiveness has been with the tax treatment by a business’ home state of the forgiven monies and the expenses the PPP funds have paid for. While the federal government addressed the issue with the passage if the most recent COVID relief bill in December,…

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Pandemic? What Pandemic?

As the effort to more than double the federal minimum wage across the country gathers steam with a democratic trifecta at the federal level – albeit a slim one, tone-deaf state politicians continue to pile on small business woes. A couple of examples, as referenced above while the Pennsylvania legislature is putting over $900 million…

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CFA Webinar on Tuesday

DDIFO will host another timely webinar sponsored by the Coalition of Franchisee Associations (CFA) next Tuesday, February 9 from 11:00 AM – 12:00 Noon EST. “Breaking Down the Employee Retention Tax Credit” will feature Justin Elanjian and Tommy Lee, partners in Aprio, the CPA and Business Advisory firm of Aprio. The webinar will provide a…

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IRS Delays Start of Filing Season

The Internal Revenue Service (IRS) announced last week that it was delaying the start of the 2020 tax filing season until February 12, at which time the agency will begin accepting and processing tax returns for 2020. Tax filing season usually begins in late January, but in deference to the recent passage of the latest…

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IRS Guidance on Deductions of PPP Loans

A recent guidance issued by the Internal Revenue Service and the US Treasury specifies that businesses may not deduct costs covered by Paycheck Protection Program loans if they expect their debt to ultimately be forgiven, a decision that stands to impact the 2020 tax filings of small business owners in particular. The recently released guidance…

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California Governor Offers Tax Deferral Option

Earlier this week, Governor Gavin Newsom announced a new temporary three-part program for small businesses in California in an effort to help them cope with the economic fallout from the coronavirus pandemic.  Newsom explained that two of the components of the program are available to small businesses with larger businesses targeted by the third component…

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