Tax & Accounting Blog
Tax & Accounting Blog
1975
An early glimpse at the income tax picture for 2021, as projected under current tax law, is now available from Wolters Kluwer Tax & Accounting.
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A Puerto Rican company’s tax reduction and avoidance strategies were not entitled to protection as trade secrets. In fact, the First Circuit’s opinion in TLS…
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The Paycheck Protection Program (PPP) offers borrowers the opportunity to have their loans forgiven without incurring taxable discharge of debt income. For businesses that received…
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Wolters Kluwer, Inc. has projected federal tax brackets and other inflation-adjusted amounts for the 2021 tax year. Highlights of projected 2021 amounts, including tax brackets…
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Senate Republican Leader Mitch McConnell placed a bill before the Senate Thursday 9/10. S 178 is a roughly $500B package that included many “small business-related…
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act increased the limit on the business interest expense deduction. The deduction limit under IRC Sec. 163(j)…
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The IRS released a draft version of Form 1040 for the 2020 tax year with several important changes for the coming filing season. They include:…
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Accounting Today together with ADP and the AICPA conducted a webinar on 9/2 focused on key issues for CPAs and businesses to consider with regard…
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The National Taxpayer Advocate (NTA) has urged the IRS to protect the rights of taxpayers relying on its FAQs. IRS FAQs Not Legal Authority “It…
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SBA released interim final rule #24 on 8/24/2020: https://home.treasury.gov/system/files/136/PPP–IFR–Treatment-Owners-Forgiveness-Certain-Nonpayroll-Costs.pdf This IFR covers PPP loan forgiveness requirements relating to: (1) owner-employees with less than a 5% ownership stake…
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