CARES Act Self-Employment Credits: Calculating the Amount
Self-employed individuals may claim a refundable credit for a qualified sick leave or family leave equivalent amount if they cannot work due to COVID-19. The…
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Income Tax Factor Presence Nexus Standard
To tax an out-of-state business a state must show that nexus exists between it and the business’ income producing activities. States are now adopting the factor presence…
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Accounting for EIPs and Recovery Rebate Credits on 2020 Tax Returns
The economic stimulus provided by the 2020 Recovery Rebate Credits is not over yet. Many eligible individuals may receive additional refunds of the credits, but…
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How will the COVID-19 Relief Package Impact 2020 Tax Returns?
2020 was a busy year for tax legislation, mainly driven by the ongoing COVID-19 crisis. Some provisions are going into effect immediately, and Tax Professionals will be tasked with answering tough questions from their taxpayer clients looking to understand the implications and benefits of the tax policies impacting their 2020 tax returns. View our video with Tax Policy experts from the Brownstein Hyatt Farer Schreck Law Firm on major areas of concern for the 2021 Tax Season.
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Taxpayers Should Consider Benefits of Some Late MACRS Elections and Revocations
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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New Portland Area Income Taxes Implemented
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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New TaxWise Customer Advisory Board Puts Users First
TaxWise customers will have unprecedented opportunities to help influence the product roadmap, while providing direct access to TaxWise product developers and leaders by participating in the TaxWise customer advisory board program. This seat at the table for customers helps to ensure that TaxWise is delivering the products and features that customers value. Additionally, all TaxWise customers, including those not serving on the board, can provide instant feedback to the TaxWise team from within the software via the “ideas portal”. TaxWise leaders are interested in hearing from customers about their business pain points, needs and suggestions for the product.
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Imposition of Seattle Payroll Tax Set to Begin in 2021
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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Updated RMD Life Expectancy Tables
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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Types of Taxes Imposed on Cannabis, and Compliance Requirements of Various Entities
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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