State Tax Treatment of Unemployment Benefits
Because of COVID-19, the state tax treatment of unemployment benefits will be a bigger deal than usual when individuals file their state returns for tax…
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The SBA addresses those worried about the 10/31/20 expiration date on the 3508 series forms
The SBA addresses those worried about the 10/31/20 expiration date on the 3508 series forms. The deadline to apply for forgiveness of a PPP loan…
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New Jersey Enacts Tax Increases to Close Budget Gap
New Jersey enacted several tax increases as part of a revised Fiscal Year 2021 budget, including: increasing the Millionaire’s tax;extending the 2019 Corporate surtax rate;…
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States Respond to Qualified Improvement Property Depreciation Change
Many states automatically conform to the CARES Act correction reducing the MACRS recovery period of qualified improvement property from 39 years to 15 years. The…
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SBA and Treasury Issue Simplified PPP Forgiveness Process for Loans of $50k or Less
On October 8th, the SBA and Treasury rolled out a simpler PPP forgiveness process for loans $50,000 or less. Instructions for the new $50k PPP…
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California Makes Changes to Worker Classification Law
California enacted new exceptions to the worker classification provisions of A.B. 5, Laws 2019. The provisions state when a worker is an employee rather than an…
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Form 941-X Updated for COVID-19 Corrections
Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, has been significantly revised. The revised Form 941-X allows employers to correct COVID-19…
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Real Estate Professional’s Short-Term Rental Property Generated Passive Losses
Real estate professionals who own short-term rental properties that are managed by a third party may find it more difficult to escape the grasp of…
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State Tax Treatment of Paycheck Protection Program (PPP) Loan Forgiveness
Many states follow the federal tax treatment of Paycheck Protection Program (PPP) loan forgiveness. Under the federal Coronavirus Aid, Relief, and Economic Security Act (CARES…
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Proposed Regs Clarify Retirement Plan Rules for Qualified Plan Loan Offsets
The IRS recently proposed regulations to: clarify how to determine what a “qualified plan loan offset” is, andexplain when a retirement plan participant can take…
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