How A Stimulus Payment Could Increase State Tax Liability
In the six states that allow taxpayers to deduct federal income tax payments, taxpayers who received stimulus payments could see an increase in their state…
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IRS Starts Major Outreach to State-Legal Marijuana Businesses
As more states legalize marijuana for medical or recreational use, the IRS is providing new resources to help cannabis businesses comply with federal tax laws.…
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Marketplace Facilitator Laws and Economic Nexus
What You Need to Know Key Takeaways More and more businesses continue to sell their goods to buyers all over the country on so-called marketplace…
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SBA Warns PPP Money Likely to Run Out Before Extended Deadline for Small Businesses
With only $66 billion remaining in the Payroll Protection Program (PPP) loan pool, the Small Business Association (SBA) and advocacy groups have warned that funds…
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Cryptocurrency Integrations Added to CCH Axcess™ Tax and CCH® ProSystem fx® Tax Expert Solutions
Wolters Kluwer integrations automate reporting of virtual currency holdings Wolters Kluwer Tax & Accounting today announced that it has partnered with CoinTracker and Verady –…
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Biden Extends PPP for Small Business Through May 31
President Joe Biden signed the Paycheck Protection Program (PPP) extension into law on March 30, extending federal aid for small businesses through May 31. The…
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IRS Issues Guidance On Unemployment Benefits Exclusion
Wolters Kluwer looks at how taxpayers should handle unemployment benefits Editor’s Note: Post-publish, the IRS released additional guidance regarding the American Rescue Plan Act of…
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State Income Tax Issues in Virtual Currency Transactions
State income taxation of virtual currency, or cryptocurrency, transactions is complicated. The recognition of income from virtual currency transactions takes many taxpayers by surprise. Also,…
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When Is A Currency Not Taxed Like A Currency? When It Is A Virtual Currency
Wolters Kluwer looks at tax issues surrounding virtual currencies Virtual currencies are becoming ever more popular both as a means of exchange and as an…
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Adopting a Solo 401(k) for 2020 in 2021
An overlooked SECURE Act change is that businesses can adopt new qualified plans and make deductible contributions after the close of the tax year. They…
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