Multi-state Businesses Have Choices with Pass-through Entities and State Income Taxes
What happens when an entity derives income from doing business in multiple states?
What Taxable Clubs Should Know About the CARES Act
Springtime normally signals the start of the busy season for country clubs. Golfers eager to take advantage of nicer weather and club members who enjoy other facility amenities will have to wait longer.
Business Benefits Available, Courtesy of the CARES Act
The historic $2.2 Trillion CARES Act provides several business tax benefits, some of which can quickly provide cash flow.
Forgivable Small Business Loans – How the $2 Trillion Stimulus Bill Can Help You
As business owners struggle with the effects of the coronavirus epidemic, Congress is on the precipice of enacting landmark legislation aimed at keeping the economy afloat over the next several months.
IRS Issues Tax Extension Guidance for Taxpayers
On March 13, 2020, the President of the United States issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease pandemic.
Tax Filing Deadline Extended 90 Days
This morning, the US Treasury Secretary stated “We are moving Tax Day from April 15 to July 15” on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
Tax Developments: Payment Deadline Changes and New Legislation
Late Wednesday afternoon, Treasury released Notice 2020-17, which defined the previously discussed payment extensions. Tax payments due April 15, 2020, including both 2019 income tax payments and 2020 estimated income tax payments, are postponed until July 15, 2020.
State Tax Authorities Issue Special Coronavirus Provisions
Several state tax authorities have announced various relief provisions for businesses and individuals impacted by the Coronavirus. In many cases, the provisions are an emphasis of relief provisions already available such as extensions to file
Proposed Coronavirus Emergency Leave: Impact on Employers
On Friday the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act. The legislation will be voted on by the Senate this week. This act has bi-partisan support and is expected to pass quickly. Once enacted, this bill has implications for many of our clients.
Extending the Deadline to Pay but not for Filing
Taxpayers are likely wondering why the federal government is extending the time to pay taxes, but not extending the time to file taxes. Filing an extension is an easy process and can be done very easily by practitioners electronically through their tax software.