Business Tax
On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law. This sweeping legislation includes provisions aimed at combatting climate change, reducing healthcare costs, and raising tax revenue, among other initiatives. Its goals include reducing the deficit by around $300 billion, lowering carbon emissions by about 40% by 2030, and,…
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The IRS has made significant changes this year that will impact many pass-through entities (Partnerships and S Corporations) regarding how they will file their tax returns. In an effort to provide reporting consistency, the IRS created Schedules K-2 and K-3 which add a new level of reporting that many pass-through entities will have to complete.…
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On November 12, 2021, the U.S. government released an update on how to claim foreign tax credits. Effective with the 2021 tax year, any foreign tax credit can only be claimed on income that meets a jurisdictional nexus test, which means the credits must be claimed on a country-by-country basis. A company looking to claim…
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Massachusetts enacted HB 4009 on September 30, 2021, becoming another state to give pass-through entities (PTEs) the option to be taxed at the entity level, in response to the federal $10,000 cap on the federal state and local tax (SALT) deduction added in the 2017 Federal Tax Cuts and Jobs Act. Massachusetts’ new PTE excise…
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Our 2021 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2021 and 2022 payroll tax requirements,…
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On June 22, the SBA issued the Loan Forgiveness Interim Final Rule (LF-IFR) and Loan Review Procedures Interim Final Rule (LR-IFR). These IFRs give new guidance to the PPP loan forgiveness provisions of the CARES Act and insight to the Loan Review Procedures for businesses. Much of the LF-IFR reiterates the changes made under the…
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On May 15, 2020 the House voted to approve a $3 trillion, 1800-page second stimulus package named the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). This Bill would include allowing a deduction for the qualifying expenses paid with PPP loan proceeds, a second round of stimulus payments to individual Americans, and would extend…
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The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan application required that applicants certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” The SBA further released Question #31, providing additional guidance regarding the “need” and allowing for a return of the proceeds…
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Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land isn’t depreciable.) But special tax breaks that allow deductions to be taken more quickly are available for certain real estate investments. Some of these tax breaks were…
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Join our tax experts for a discussion of what the Tax Cuts and Jobs Act means to you. This sweeping reform, signed into law by President Trump on December 22, 2017, is generally effective beginning in 2018 and impacts nearly every taxpayer. Webinar: Tax Cuts and Jobs Act – What You Should Know Date: Thursday,…
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