Tax & Accounting Blog
Tax & Accounting Blog
Taxpayers generally cannot make late MACRS depreciation elections and revocations without IRS consent. The IRS grants permission only in extraordinary circumstances after the taxpayer files…
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Portland, Oregon area voters approved two ballot measures imposing a new business profits tax and two high earner taxes in 2020. The new taxes took…
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The State of Washington does not have a corporate income tax. However, Seattle has enacted a payroll expense tax, with imposition of the tax beginning…
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The IRS has updated its Required Minimum Distribution (RMD) life expectancy tables. The updated tables take effect for 2022 distributions, with transition rules. This change…
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There are different kinds of state taxes imposed on cannabis, including sales and use taxes and excise taxes. In addition, cannabis businesses, like producers, distributors,…
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Under new federal partnership audit rules, partnerships must designate a representative. That person has sole authority to act on behalf of the partnership under the…
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The IRS recently clarified eligibility for the employee retention credit after an Acquiring Employer acquires a Target Employer that received a Paycheck Protection Program (PPP)…
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As has been widely reported, Facebook recently settled a class action lawsuit brought against the company for alleged violations of the Illinois Biometric Information Privacy…
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California has proposed a new tax voucher program that would raise revenue for the state without increasing taxes. Under the program, taxpayers purchasing the vouchers…
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Taxpayers may be able to get a significant tax refund for bonus depreciation if: A larger property that includes separately acquired or constructed components is…
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