News

SBA to reopen Shuttered Venue Operators Grant portal Saturday

April 23, 2021

In a brief statement issued late Thursday night, the SBA said that it had completed rigorous testing on the portal, which was forced to shut down due to technical issues only hours after it opened on April 8. The SBA also provided updated documents and guidance Friday. The agency said that interested applicants should register for an account in advance through the portal.

  • accounting and auditing
  • business and industry
  • advocacy - federal
  • coronavirus

Democrat floats paying for SALT cap repeal with more tax audits

April 19, 2021

Representative Josh Gottheimer said a repeal of the $10,000 cap on state and local tax, or SALT, deductions could be offset by cracking down on tax cheats, the first proposal from Democrats as a way to pay for revival of a valuable tax break.

  • state tax
  • advocacy - federal
  • federal tax

House passes bill protecting banking services for legal cannabis

April 19, 2021

Federal prosecution of a depository institution providing banking services to a legitimate cannabis business would be prohibited under a bill that passed the U.S. House of Representatives on Monday by a 321–101 vote.

  • advocacy - federal

AICPA recommendations regarding estimated tax and gift tax extension

April 09, 2021

The situation regarding the May 17 bifurcated filing and payment due date with IRS keeping the 1st quarter estimated payment at April 15 is extremely fluid. There is also uncertainty regarding filing an extension for gift tax returns due April 15.

  • advocacy - federal
  • federal tax

Biden Open to Compromise on Corporate Tax Hike

April 09, 2021

President Biden said he is open to compromise on how to pay for his $2.5 trillion infrastructure and jobs package but added that “inaction is simply not an option.”

  • business and industry
  • advocacy - federal
  • federal tax

IRS explains which meals qualify for temporary 100% expense deduction

April 09, 2021

The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25).

  • advocacy - federal
  • federal tax

U.S. Pitches New Global Tax Deal

April 09, 2021

The Biden administration has pitched a compromise to counterparts around the world that would apply new global tax rules to no more than 100 large multinational corporations.

  • business and industry
  • advocacy - federal
  • federal tax

Grant for performance venues, theaters now open for applications

April 08, 2021

Operators of theaters and performance spaces left empty by the COVID-19 pandemic are getting access to a new federal lifeline.

  • coronavirus
  • not-for-profit
  • advocacy - federal

Interstate tax issues on the rise for employees, businesses

April 07, 2021

Employees who move to low-tax states to take advantage of telecommuting during the pandemic may still be taxed by their former residence, as more states levy taxes on cross-border business.

  • advocacy - federal
  • coronavirus
  • federal tax
  • state tax

How to claim the employee retention credit for the first half of 2021

April 05, 2021

The IRS explained the changes to the employee retention credit (ERC) for the first two calendar quarters of 2021 in Notice 2021-23, which amplifies Notice 2021-20.

  • business and industry
  • advocacy - federal
  • coronavirus
  • practice management

IRS letters explain why some 2020 Recovery Rebate Credits are different than expected

April 05, 2021

As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected.

  • coronavirus
  • advocacy - federal
  • federal tax

IRS extends additional tax deadlines to May 17 - does NOT include estimated payments

March 29, 2021

The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund.

  • advocacy - federal
  • coronavirus
  • federal tax
  • state tax

Biden signs PPP deadline extension into law

March 25, 2021

The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.

  • business and industry
  • advocacy - federal
  • coronavirus
  • practice management

Senate clears PPP bill, extending loan applications through May

March 25, 2021

The Senate voted 92-7 Thursday to extend the Paycheck Protection Program to the end of May after rejecting two Republican amendments and waiving a budget point of order. The vote cleared the measure that would extend the program, now due to expire on March 31. The House passed the bill 415-3 earlier this month. It next heads to President Joe Biden for his signature.

  • business and industry
  • advocacy - federal
  • coronavirus
  • practice management

House passes PPP deadline extension in 415-3 vote

March 17, 2021

A bill to move the Paycheck Protection Program application deadline from March 31 to May 31 sailed through the U.S. House of Representatives on Tuesday night, passing in a 415-3 vote that sends the legislation to the Senate for consideration.

  • business and industry
  • advocacy - federal
  • coronavirus
  • federal tax
  • practice management

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline

March 17, 2021

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

  • advocacy - federal
  • coronavirus
  • federal tax
  • state tax

Biden signs historic $1.9 trillion Covid-19 relief law

March 11, 2021

President Joe Biden signed his sweeping $1.9 trillion Covid-19 economic relief package into law on Thursday afternoon. "This historic legislation is about rebuilding the backbone of this country and giving people in this nation, working people, middle class folks, people who built the country, a fighting chance," Biden said in the Oval Office before signing the legislation. "That's what the essence of it is."

  • coronavirus
  • advocacy - federal

AICPA takes case for PPP deadline delay to Congress

March 09, 2021

The AICPA sent a letter Tuesday encouraging congressional leaders to push back the Paycheck Protection Program’s (PPP’s) March 31 application deadline at least 60 days.

  • business and industry
  • advocacy - federal
  • coronavirus
  • practice management

Inside the tax provisions of the stimulus act

March 09, 2021

The Senate has approved the House's $1.9 trillion stimulus bill, designed to provide relief and address other issues related to the COVID pandemic.

  • business and industry
  • advocacy - federal
  • coronavirus
  • federal tax
  • practice management

Plan to expand child tax credit offers hope along with direct payments

March 06, 2021

When her car started making a noise more than a year ago, Chinara Johnson parked the vehicle and hasn’t used it since.

  • coronavirus
  • advocacy - state
  • advocacy - federal