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Business Tax Articles

 

COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

Posted by Cheryl A. Jankowski on June 26, 2020

Many taxpayers are confused about which federal tax filing and payment deadlines have been postponed by the IRS — and there certainly are a lot of postponements to keep track of.

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 Last-Minute Strategies for Businesses that Deferred Filing Tax Returns

Last-Minute Strategies for Businesses that Deferred Filing Tax Returns

Posted by Brian Kern on June 18, 2020

Can your business make any last-minute moves to lower its tax obligation for 2019? And are there other long-term planning strategies that business owners should consider in light of today's tax laws, recent economic relief measures, and the November 2020 elections?

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Have You Considered the Employee Retention Credit?

Have You Considered the Employee Retention Credit?

Posted by Cory Van Deusen V on May 27, 2020

If you did not receive a Paycheck Protection Program loan, you may want to consider the CARES Act Employee Retention Credit.

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Service Disallows Tax Deductions for Eligible PPP Expenditures

Service Disallows Tax Deductions for Eligible PPP Expenditures

Posted by Megan Morris on May 07, 2020

On April 30, the IRS issued Notice 2020-32 providing guidance regarding the deductibility for federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program (PPP).

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CARES Act Provides 4 Possible Reasons to File an Amended Return

CARES Act Provides 4 Possible Reasons to File an Amended Return

Posted by Kevin Smeader on May 05, 2020

Some of the tax relief provisions in the CARES Act are retroactive. Here's a summary of four retroactive CARES Act provisions that can potentially benefit you or your business entity after amended prior-year returns have been prepared and filed.

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COVID-19 Payroll Tax Relief - Credits and Deferral

COVID-19 Payroll Tax Relief - Credits and Deferral

Posted by Michē Needham on April 24, 2020

Two COVID-19 aid packages recently became law that deliver federal assistance to employers by providing them credits against their payroll taxes. Taken together, these provisions provide significant relief for employers that continue paying wages to employees. 

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COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased

Posted by Cheryl A. Jankowski on April 23, 2020

The CARES Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here's a look at how the rules for claiming certain tax losses have been modified to provide businesses and individuals with relief from the financial effects of the novel coronavirus (COVID-19) crisis.

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All Employers Can Defer Employment Tax Deposits Until Paycheck Protection Program Loan is Forgiven

All Employers Can Defer Employment Tax Deposits Until Paycheck Protection Program Loan is Forgiven

Posted by Cory Van Deusen V on April 22, 2020

Under the payroll tax deferral opportunity provided by the CARES Act employers of all sizes (including tax-exempt/non-profit employers) can defer the deposit and payment of the employer's share of Social Security taxes. Self-employed individuals can also defer payment of some self-employment taxes.

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New York Becomes First State to Decouple From Key Business Tax Provisions of the CARES Act

New York Becomes First State to Decouple From Key Business Tax Provisions of the CARES Act

Posted by Mark Janulewicz on April 14, 2020

On April 3, 2020, New York became the first state to decouple from particular features of the CARES Act for corporation franchise tax and personal income tax purposes and because the New York state legislation was a budget act, the decoupling extends to New York City taxes, as well. 

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IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

IRS Releases FAQs Regarding July 15, 2020, Postponed Income Tax Filing, and Income Tax Payment Date

Posted by Cheryl A. Jankowski on April 01, 2020

On March 24, 2020, the IRS posted frequently asked questions to provide additional clarification and guidance regarding the application of its relief guidance. Here is a summary of those FAQs.

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