On Monday, September 13, 2021, the House Ways and Means Committee released a draft of its proposed tax legislation and a summary of the major provisions. The proposed legislation, if enacted, would push higher tax rates on...more
On March 17, the IRS granted taxpayers an automatic filing and payment extension of 2020 individual income tax returns to May 17, 2021. As of right now, this delay only applies to federal income tax filings for individuals,...more
As many businesses that applied for loans under the Paycheck Protection Program (PPP) are now receiving funding, questions are arising as to whether business expenses paid with forgiven PPP loan proceeds would also be tax...more
Certain employers may be entitled to a tax credit against employment taxes if the operation of the employer’s trade or business is fully or partially suspended during the calendar quarter due to orders of a governmental...more
In response to the COVID-19 pandemic, U.S. Treasury Secretary Steven Mnuchin has stated that all taxpayers and businesses will have until July 15, 2020, to file and make tax payments for tax year 2019 without interest or...more
New rules that change the way that partnership entities are audited took effect on January 1, 2018. Partnership entities include all entities that are taxed as partnerships under federal tax law, including traditional...more
The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013. The Act permanently extends many of the Bush-era tax cuts, while increasing tax rates for higher income taxpayers. Below is a brief summary of...more