Tax & Accounting Blog
Tax & Accounting Blog
1789
As I reported in an earlier blog, in April, the IRS issued Notice 2032 https://www.irs.gov/pub/irs-drop/n-20-32.pdf stating their position that a deduction would not be allowed…
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New Jersey’s voluntary pass-through entity-level tax went into effect in 2020. Pass-through entities (PTEs) electing to pay the tax must file an annual return by…
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A new California tax credit provides some relief to small businesses for the economic disruptions caused by COVID-19. The credit is available for the 2020…
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New Hampshire has filed a motion to the U.S. Supreme Court challenging a permanent Massachusetts’ rule requiring New Hampshire residents to pay Massachusetts’ income tax. The rule clarifies when…
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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 deadline to apply for forgiveness of a PPP loan…
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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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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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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 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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