Home Office Deduction Doesn’t Benefit Everyone Who Works from Home
People who are working from home in response to the coronavirus pandemic may be looking forward to claiming a home office tax deduction. However, most…
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Trump Signs Into Law Bipartisan Paycheck Protection Program Flexibility Act
President Donald Trump has signed into law the bipartisan Paycheck Protection Program Flexibility Act (PPPFA) of 2020 (HR 7010). The legislation aims to expand usability…
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Payments to Reverse Hybrids Disallowed under IRC §267A
IRC §267A disallows deductions for interest and royalties’ payments made to reverse hybrids if: no tax is paid in any country for the payment; andparties…
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State Tax Treatment of Opportunity Zone Fund Investments
Most states recognize the federal deferral of gain on qualified opportunity zone investments. A few states limit tax deferral on the gain to in-state qualified…
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Health Insurance and COBRA Deadlines Extended Due to Coronavirus Pandemic
Individuals can take advantage of extended deadlines to enroll in health insurance plans or elect and pay for COBRA insurance continuation coverage. These extensions are…
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IRS Explains How Taxpayers Can Claim the Five-Year NOL Carryback Under the CARES Act
Taxpayers may now use a five-year carryback for net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020, compliments of the…
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States Consider Broadening Sales Tax Base to Include Internet Services and Digital Advertising
State budget challenges prompt review of new revenue sources What: States considering broadening sales tax base to include internet services and digital advertising to increase…
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CARES Act: 2020 Required Minimum Distribution Waiver
One of the more beneficial features of the Coronavirus Aid, Relief, and Economic Security (CARES) Act for retirees is the waiver of required minimum distributions…
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Several States Enact or Expand Renewable Chemicals Credits
Over the past few years, many tax incentives and credits have been created to encourage the use of environmentally friendly resources. In fact, three states…
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Section 267A, and Participation Exemptions that Relieve Double Taxation
Final regulations on IRC §267A disallow the deduction of hybrid payments when a related party uses a participation redemption or dividends received deduction (DRD). Generally,…
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