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IRS Extends Production Tax Credit/Investment Tax Credit Safe Harbors

On May 27, 2020, the IRS issued Notice 2020-41, which responds to industry-wide supply chain disruptions due to the COVID-19 pandemic by giving renewable energy developers additional time to complete their projects. Most...more

COVID-19: PPP Loan Forgiveness Application Released

The ability to have a Paycheck Protection Program (PPP) loan forgiven is perhaps the most important part of the program—turning a low-interest loan into a grant. ...more

Maine Tax Update: Limited Disaster-Related Exemptions from Non-Resident Income Tax and Sales Tax; Extended Property Tax Deadlines...

On May 16, 2020, Maine Revenue Services released a Tax Alert, updating taxpayers on a number of tax-related developments, including Governor Mills’ May 12 executive order and updated MRS FAQ answers....more

Paycheck Protection Program: SBA Clarifies Audit and Enforcement Intent Regarding Loan Recipient’s Financial Hardship...

On May 13, 2020, the Small Business Administration (SBA) updated its Frequently Asked Questions (FAQs) to provide important safe harbors on the Paycheck Protection Program’s (PPP) requirement that a borrower make a good faith...more

COVID-19: Expenses Paid with PPP Loans Are Not Tax-Deductible

Late on April 30, 2020 the IRS provided rather unwelcome guidance to Paycheck Protection Program (PPP) loan borrowers and potential borrowers. IRS Notice 2020-32 provides that no deduction will be allowed for otherwise...more

COVID-19: Maine Extends Second Quarter Estimated Tax Payment Deadline to 7/15/2020

Maine Governor Janet Mills recently announced that the second quarter estimated tax payment deadline has been extended to July 15, 2020. ...more

COVID-19: PPP Loans – Economic Need Determinations

***Update*** On April 28, Treasury Secretary Steven Mnuchin announced that the SBA will do a full review of any loan more than $2,000,000 under the PPP program. He also warned of criminal liability for borrowers who...more

COVID-19: Paycheck Protection Program Loan Forgiveness – What You Need to Know

Last week, hundreds of thousands of applications for loans under the Paycheck Protection Program (PPP) were submitted to banks all over the country, and it’s likely that many more will be submitted in the coming weeks. ...more

Maine Extends Property Tax Application Deadlines; New Hampshire Offers Some Tax Relief

Due to the ongoing COVID-19 pandemic, the state of Maine has extended its property tax exemption application deadlines, and New Hampshire is now offering some business tax and interest and dividends tax relief....more

COVID-19 Tax Alert: Maine, Massachusetts & D.C. Now Conforming to July 15, 2020 Filing and Payment Deadline (With Important...

On March 27, 2020, Massachusetts Governor Charlie Baker announced that Massachusetts will extend the due date to file and pay Massachusetts personal income tax from April 15, 2020 to July 15, 2020, conforming to the federal...more

COVID-19: CARES Act Passed by U.S. Senate Provides Tax Relief

The CARES Act (H.R. 748) passed by the Senate last night would provide several elements of temporary tax relief. The Act has not yet been approved by the House, and is therefore not yet final. ...more

COVID-19: Treasury Department and IRS Extend Federal Income Tax Filing and Payment Deadline

On March 21, 2020, in response to the coronavirus pandemic, the U.S. Treasury Department and Internal Revenue Service announced that the federal income tax filing and payment deadline has been extended to July 15, 2020. The...more

Maine Enacts Affordable Housing Tax Credit

On January 12, 2020, Governor Janet Mills signed L.D. 1645, establishing a Maine affordable housing tax credit (AHTC). The Maine State Housing Authority (MaineHousing) will be tasked with administering and allocating $80...more

Opportunity Zones: An Update

The federal Opportunity Zone (OZ) program, created in December 2017, has been a major topic of discussion for investors, businesses, and project developers alike. It seems, however, that the utilization of the OZ program has...more

Maine Revenue Services Explains IRC § 965 Deferred Foreign Income Taxation

Maine Revenue Services (MRS) issued guidance and amended the Maine corporate income tax return instructions last week to explain Maine’s conformity to federal taxation of deferred foreign income, also called deemed...more

Maine Revenue Services Alerts Taxpayers That Amended 2017 Returns May Be Required

Maine Revenue Services (MRS) issued guidance late last week responding to the state’s recently-enacted tax conformity legislation. ...more

Pine Tree Development Zone Program Extended

On July 4, 2018, Maine passed a law to extend the state’s Pine Tree Development Zone (PTDZ) program for three years. ...more

States Designate Opportunity Zones

The Tax Cuts and Jobs Act of 2017 created a new economic development program that encourages long-term investments in low-income areas, so-called “Opportunity Zones,” by offering tax deferral for capital gains reinvested in...more

IRS Ends Offshore Account Voluntary Disclosure Program

The IRS recently announced that it is ending its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. ...more

Maine's Federal Tax Conformity Proposal

On Thursday, March 1, Alec Porteous, the Commissioner of the Maine Department of Administrative and Financial Services, and Dr. Michael Allen, Associate Commissioner for Tax Policy for the Maine Department of Administrative...more

Opportunity Zones: Economic Development And Tax Deferral

The Tax Cuts and Jobs Act of 2017 created a significant—and little-discussed—economic development program that encourages long-term investments in so-called “Opportunity Zones” by offering temporary tax deferral for capital...more

Maine to Require Collection of Sales and Use Tax from Remote Sellers

The state of Maine has waded into uncharted territory with the passage of a law that requires out-of-state sellers to collect Maine sales and use tax on their sales into Maine even if they do not have a physical presence in...more

Supreme Judicial Court of Massachusetts Rules that Motor Vehicle Use Tax is Constitutional

Motor Vehicle Use Tax is Constitutional - Regency Transportation, Inc. v. Commissioner of Revenue - MA Supreme Judicial Court No. SJC-11873 (January 6, 2016) - The Massachusetts Supreme Judicial Court has held...more

Rhode Island Property Tax Appeal Deadlines Approaching

Owners of commercial, residential or investment property in Rhode Island who wish to challenge their property tax assessment(s) are reminded that significant deadlines are approaching that require immediate attention. The...more

Renewable Energy Tax Credit Extensions

In a major victory for the renewable energy industry, Congress recently passed, and the President signed into law, two significant pieces of tax legislation, the Protecting Americans from Tax Hikes (PATH) Act and the...more

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