California Eyeing Retroactive Tax Hike

As many, if not most states, focus on how they can revive business and get their economies back on track, elected officials in the California legislature are looking at going in a different direction. Senators in the California Senate resurrected and amended AB 1253 two weeks ago recommitting it to the Committee on Government and…

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Missouri Cuts, Colorado Hikes Stimulus Tax Issues

The states of Missouri and Colorado this week took very different actions relative to the impact of federal stimulus payments for the coronavirus pandemic will have on the state’s taxpayers. In the Show Me State, republican Governor Mike Parson signed a bipartisan tax bill that excludes stimulus payments authorized by the CARES Act from being…

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Paying for the Pandemic in Cities

City governments are constantly lamenting the loss of tax and other revenues and are now mapping plans to restore their revenue streams whether there’s more federal money or not. Too often, that means increased taxes for the business community.  As a case in point, amid widespread opposition, the DC Council preliminarily approved a FY21 budget…

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States Want More Revenue Too

And it’s not only the major cities that are looking to fill their coffers off the back of hurting businesses.  For example, we’d point to Michigan, where the state legislature sought to help businesses get back on their feet by passing 5 bills that all would have altered the tax liabilities of businesses within the…

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No Further Extensions of Tax Day

The Department of Treasury and the Internal Revenue Service this week put an end to any further speculation that the government may delay again the July 15 due date for filing 2019 tax returns and payment of 2019 taxes owed. The IRS will not further extend the tax filing and payment deadline past July 15,…

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IRS Clarifies ERTC as Tax Day Approaches

Last Saturday, the Internal Revenue Service (IRS) revised some of the FAQs on the Employee Retention Tax Credit clarifying a number of provisions relating the maximum amounts of an eligible employer’s ERTC, qualified wages and determining allocable qualified health plan expenses among others. In addition, the agency announced that it will be re-opening all of…

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IRS and Treasury Extend Deadlines

In a similar vein, the Treasury and the Internal Revenue Service yesterday announced that they are extending the deadline to July 15, 2020 for a host of administrative acts under US tax law for fiscal year businesses, tax-exempt organizations and some 300 other tax-related deadlines. The extensions synchronize all tax filing and reporting deadlines for…

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SBA & IRS Regulations Released

As the “all hands on deck” mindset continues within the federal government in fighting the coronavirus crisis and restoring economic activity as soon as possible, federal regulatory agencies continue to issue guidance clarifying their mandates on a host of issues that dramatically impact business. In that vein, the Small Business Administration has posted guidance on…

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State Tax Deadlines

As we have reported to you, the Internal Revenue Service (IRS) postponed Tax Day, its tax filing and tax payment deadline by 90 days out to July 15, 2020 with many states immediately agreeing with the new IRS deadline. Others however were much slower to sync their state tax filing dates with the feds, but…

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The Taxman Cometh, But Not Right Away

In the face of the many emergency declarations by federal as well as state governments, many are pushing off their tax filing deadlines. Starting at the federal level, US Treasury Secretary Steve Mnuchin announced earlier this week that the Internal Revenue Service (IRS) would suspend penalties and interest for up to 90 days on income…

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