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A U.S. citizen who gives up U.S. citizenship or a long-term U.S. resident who gives up his or her residency status and who is a covered expatriate is subject to a mark-to-market rule. More »
Further, the Employee Retention Credit was extended again through the end of 2021 via the American Rescue Plan Act.
March 2021
January 2021As part of the Consolidated Appropriations Act, 2021, $284.5 billion was made available for a second round of Paycheck Protection Program ("PPP") funding.
December 2020
This weekend President Trump signed the COVID-relief bill recently passed by Congress. While the headlines of the bill include additional cash payments of $600 to most Americans, there are provisions in the bill that will impact business taxpayers as well. The chart provides a summary of the most relevant items in the new law.
Audits of PPP Loans in Excess of $2 Million
November 2020In addition to completing the PPP forgiveness application, businesses that together with their affiliates received $2 million or more in PPP loans will need to complete one of two new necessity questionnaires.
At the beginning of the COVID pandemic, much of the world retreated to the safety of homes, anticipating a short-term crisis. Businesses and their employees are faced with potential tax consequences as the result of decisions made for employees’ safety. Unfortunately, governments have been slow to provide guidance to businesses and employees on how working from a different tax jurisdiction may impact tax liabilities.Supreme Court Case Regarding Affordable Care Act and Potential Impact on Your Taxes
Supreme Court dealing with the constitutionality of the 2010 Affordable Care Act (“ACA”) following the passage of the Tax Cuts and Jobs Act of 2017 (“TCJA”). The TCJA retained the “individual mandate” but eliminated the related tax penalty. A lower court found that the individual mandate, as a result, can no longer be justified under Congress’s taxing power. Without it, some or all of the ACA is potentially unconstitutional. The Supreme Court is scheduled to hear oral arguments on November 10, 2020.
As previously discussed in Rödl Tax Matters Volume 2020 – 10, on August 8, 2020, President Trump signed a Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, which directed the Secretary of the Treasury to use his authority to defer the withholding, deposit, and payment of employee Social Security taxes on wages or compensation paid during the period of September 1, 2020, through December 31, 2020.
Presidential Memorandum for Deferring Payroll Tax Obligations
On August 8, 2020, President Trump signed a Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster, which directs the Secretary of the Treasury to use his authority to defer the withholding, deposit, and payment of employee Social Security taxes on wages or compensation paid during the period of September 1, 2020, through December 31, 2020.Paycheck Protection Program Flexibility Act Favorably Modifies the Terms of Loan Forgiveness
On Friday, June 5th, the President signed the Paycheck Protection Program Flexibility Act of 2020 modifying the terms of the loan forgiveness for a Paycheck Protection Program ("PPP") loan. The amendments are effective as if included in the CARES Act and apply to any PPP loan. There is welcome relief in the Act providing taxpayers greater flexibility in achieving loan forgiveness.
April 2020The Paycheck Protection Program (PPP) was created as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act which was signed into law on March 27, 2020.
CARES Act Business Provisions
March 2020
Major provisions of the Act affecting business taxpayers are discussed below. More details regarding the specifics of each provision are emerging daily.
Paycheck Protection Program (SBA Loan) under the CARES Act
COVID-19 "Corona Aid, Relief, and Economic Security Act (CARES Act)"
COVID-19 Federal Return and Payment Extensions
The April 15th deadline for filing tax returns will now be postponed until July 15th.
COVID-19 Tax Impacts - Families First Coronavirus Response Act
On March 18, 2020, the President has signed into law the Families First Coronavirus Response Act (H.R. 6201) which provides affected individuals with paid sick and family leave, creates tax credits for affected employers, expands food and nutrition services, allows for emergency state unemployment insurance grants, and increases Medicaid funding to states, among other things.
2019 End-Of-Year State and Local Tax Update January 2020Once again, updates to state and local taxes were very active for the last half of 2019. Below are details on changes in sales taxes and income taxes that will impact most businesses. More »
On December 17th, Congress passed a budget compromise that included numerous tax updates and changes. The President is expected to sign the legislation. More »
UPDATE: The Medical Device Tax was REPEALED with the 2020 Federal budget agreement passed by Congress on December 17th. The President is expected to sign this legislation
2019 Mid-Year State and Local Tax Update
July 2019Tax changes at the state and locallevel have continued their feverish pace in 2018 and 2019. More »
Records Retention Guide for ClientsJuly 2019
Record retention is very important for every individual and business client. More »
Revised California Sales Tax Collection Requirement effective April 1, 2019
The California Legislature recently passed legislation requiring use tax collection by out of state retailers when sales exceed $500,000 in the preceding or current calendar year. More »
Disallowance of deduction related to qualified transportation fringe
Throughout 2014, the IRS has released new versions of the various W-8 series of forms to comply with the Foreign Account Tax Compliance Act ("FATCA") which generally went into effect on July 1, 2014. More »
Bureau of Economic Analysis ("BEA") Investment Surveys – Reporting Requirements
The Bureau of Economic Analysis (BEA) prepares official U.S. economic statistics to provide timely, accurate, and relevant economic information that helps gauge the performance of the U.S. economy and the role of the United States in the global economy. More »
The “Opportunity” in Opportunity Zone
Partnership Audit Rules Update
Changes to the partnership audit regulations are effective for tax years beginning in 2018. This alert is intended as a reminder of required or recommended actions and related considerations. More »
New Section 83(i) Election Provides Income Deferral for Certain Stock Option and Restricted Stock Transactions
Companies will often use equity-based compensation such as stock options and restricted stock units to incentivize and motivate employees. More »
Changes to Meal and Entertainment Expenses under Tax Reform
The Tax Cuts and Jobs Act made some significant changes to the deductibility of meals and entertainment. More »
Sales Tax Compliance after the Wayfair Decision
As communicated earlier this year, the Supreme Court’s decision in South Dakota vs. Wayfair, Inc. has been eagerly-awaited with the potential to affect millions of U.S. businesses. More »
Unfortunately, many scams today involve people impersonating the IRS. More »
Introducing Sales Tax Outsourcing Services
With states becoming more aggressive in targeting out-of-state businesses for sales tax compliance and reporting, Rӧdl & Partner has responded to clients' requests for seamless processing of sales tax obligations to meet their business needs. More »
Partners are not Employees of a Partnership
Several articles have come out in the past year addressing the issue of whether a partner in a partnership may be treated as an employee of the partnership. More »
Many individual taxpayers have applied for and received status as a U.S. Permanent Resident, commonly referred to as a "Green Card Holder". More »
Foreign Account Tax Compliance Act Overview
After June 30, 2014, in addition to the withholding obligations under chapter 3, U.S. withholding agents must generally withhold 30% on U.S. source fixed or determinable annual or periodic income, such as dividends and interest, paid to a foreign financial institution or nonfinancial foreign entity unless the agent can reliably associate the payment with valid documentation that establishes that the payment is not subject to withholding. More »
Compliance with the Various W-8 Series of Forms - Requesting the Form
Must I obtain Form W-8? What if I have existing Forms W-8? Do I need to obtain the revised Form W-8? When does the form expire? More »
Offshore Voluntary Disclosure Program and Streamlined Filing Compliance Procedures
On June 18, 2014, the IRS announced a continuation of the 2012 Offshore Voluntary Disclosure Program ("2012 OVDP"), but modified many of the terms of the program. More »
Fixed Asset Tax Review Services
A Fixed Asset Tax Review analyzes capital expenditures during the current year to determine the appropriate tax treatment while seeking to maximize current year tax deductions and credits. More »
Tax Payment Options for Foreign Individuals and Businesses without an U.S. Bank Account
International taxpayers who do not have a U.S. bank account may follow the instructions below to transfer funds from their foreign bank account directly to the Internal Revenue Service for payment of their individual or business tax liabilities. More »
Research and Development Tax Credits: Qualifying Requirements
Federal and state credits are available to organizations that increase their research and development activities above a certain base amount. More »
In 2010, Congress enacted the Foreign Account Tax Compliance Act, known as FATCA. More »
Elisa Fay
CPA
Partner-in-Charge Rödl National Tax
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