PPP Update: New Guidance That Will Change 2020 Taxable Liabilities
The IRS recently issued guidance that will impact taxable income and tax liabilities for the majority of businesses who received PPP loans.
New 2020 Form 1099-NEC
NEW FORM 1099-NEC: The PATH Act accelerated the due date for filing Form 1099 that included nonemployee compensation (NEC) to January 31, and Treasury Regulations eliminated the automatic 30-day extension of time to file for forms that included NEC.
Virginia Employment Laws Expanded to Require New Hire Reporting of Independent Contractors
A new but perhaps little-known law in the State of Virginia requires that all employers, labor organizations, and hiring halls report information about newly hired independent contractors to the state’s New Hire Center.
State Sales Tax Considerations for Real Estate and Construction Contractors
Few contractors give much thought to state sales tax when they’re installing property improvements for a customer.
Final Guidance on Business Interest Expense Deduction Limitation Under Section 163(j) in the CARES Act
Many U.S. companies took advantage of the Paycheck Protection Program, Economic Injury Disaster Assistance Loans, and other funding sources to shore up cash flow amid the coronavirus pandemic.
How Businesses Should Be Preparing for Changes in State Tax Laws in 2020 and Beyond
Exposure to state tax has been steadily increasing in recent months. From the Wayfair Supreme Court case in 2018 to mounting financial pressures from COVID-19, states are looking at all options to collect revenue they are entitled to.
New Court Decision on Deducting Real Estate Losses Disallows Continuing Education
What does it mean to be a real estate professional? For many, the answer is straightforward: they’re landlords, property developers, contractors, and investors.
Congress: What We’re Watching
Over the past six months, we have seen nearly $2.7 Trillion in combined COVID-19 relief funding from Congress via the Families First, CARES, and PPP and Health Care Enhancement Act; however, many significant items remain unaddressed.
Maryland Pass-through Entity Tax Election
A new State of Maryland allows pass-through entities (PTEs), including partnerships and S Corporations, to elect to pay the Maryland income tax due on both resident and non-resident owners’ share of the income from the PTE.
How the Payroll Tax Deferral Works for Employers
On August 8, 2020, President Trump issued a Presidential Memorandum allowing for the deferral of employee social security payroll tax obligations due to COVID-19.