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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State Adoption of MTC Partnership Representative Provisions
Under new federal partnership audit rules, partnerships must designate a representative. That person has sole authority to act on behalf of the partnership under the…
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When Tax Preparers Move to the Cloud, Clients Benefit
Tax Preparers using the right cloud tax preparation software allows you to provide better customer service. Tax Preparers are benefiting from being able to use the features in TaxWise Online to provide their clients with amazing service that helps tax preparers attract and retain customers looking for simple, accurate, easy, secure and convenient tax preparation services in a competitive industry.
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Eligibility for Employee Retention Credit May Survive Acquisition of a PPP Loan Borrower
The IRS recently clarified eligibility for the employee retention credit after an Acquiring Employer acquires a Target Employer that received a Paycheck Protection Program (PPP)…
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Will Illinois Residents Owe Tax on Their Facebook BIPA Settlement Awards?
As has been widely reported, Facebook recently settled a class action lawsuit brought against the company for alleged violations of the Illinois Biometric Information Privacy…
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California Proposes Economic Improvement Tax Voucher Program
California has proposed a new tax voucher program that would raise revenue for the state without increasing taxes. Under the program, taxpayers purchasing the vouchers…
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Retroactive 100% Bonus Depreciation Component Election Offers Refund Opportunity
Taxpayers may be able to get a significant tax refund for bonus depreciation if: A larger property that includes separately acquired or constructed components is…
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Coloradans Approve Ballot Measure Lowering Income Tax Rate
In the November 3, 2020, election, Colorado voters approved a statutory decrease to the state’s income tax rate. What is the New Rate? The ballot…
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Taxpayers Still have Time to Take Advantage of Special Charitable Deduction Rules for 2020
As the end of 2020 approaches, individuals should remember that some special rules apply to charitable contributions deductions for the year. These include an Taxpayer…
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