On October 19, 2022, the Internal Revenue Service (“Service”) issued news release IR-2022-183, which was intended to warn employers using third-party promoters of Employee Retention Tax Credits (“ERTCs”). ERTCs were created...more
The employee retention credit (“ERC”), enacted as part of the Coronavirus Aid, Relief and Economic Security Act, known as the CARES Act, is a fully refundable tax credit that can be as high as $26,000 per employee....more
In April 2021, President Biden announced the “American Families Plan,” which included some significant tax law changes. Among the proposed changes included in the “American Families Plan” was the increase of the tax rate that...more
6/8/2021
/ Biden Administration ,
C-Corporation ,
Capital Gains Tax ,
Estate Planning ,
Internal Revenue Code (IRC) ,
IRS ,
Legislative Agendas ,
Like Kind Exchanges ,
Real Estate Transactions ,
Section 1031 Exchange ,
Tax Deferral ,
Tax Planning ,
Tax Rates ,
Tax Reform
On April 28, 2021, the White House issued a fact sheet which set forth some additional details on the tax increase proposals contained in President Biden’s “American Families Plan.” ...more
Last week the Ninth Circuit issued a win for taxpayers in US v. Boyd, limiting penalties for non-willful violations of the requirement to file a Report of Foreign Bank and Financial Accounts (FBAR). ...more
4/5/2021
/ Failure-to-File ,
FBAR ,
Foreign Financial Accounts ,
Income Taxes ,
IRS ,
Offshore Funds ,
OVDP ,
Regulatory Violations ,
Reporting Requirements ,
Tax Evasion ,
Tax Penalties ,
Tax Planning
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”). The ARPA provides an estimated $1.9 trillion in stimulus to aid in the COVID-19 pandemic....more
3/12/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Families First Coronavirus Response Act (FFCRA) ,
Infectious Diseases ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Tax Credits ,
Unemployment Benefits
The U.S. Congress has been moving swiftly in recent weeks to address the COVID-19 pandemic. The $8.3 billion Coronavirus Preparedness and Response Supplemental Appropriations Act was signed into law by President Trump on...more
3/23/2020
/ Alternative Minimum Tax ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Filing Deadlines ,
Filing Requirements ,
Net Operating Losses ,
Payroll Taxes ,
Relief Measures ,
Retirement Funds ,
Self Employed ,
Sick Leave ,
Tax Credits ,
Tax Liability ,
Tax Returns
On Thursday, June 21, 2018, The Supreme Court of the United States issued its decision in the landmark South Dakota v. Wayfair, Inc. case, drastically changing the law for e-commerce and remote sellers. ...more
6/22/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus
On December 22, 2017, President Trump signed into law what’s known as the Tax Cuts and Jobs Act. The Act, also sometimes referred to as H.R. 1, contains massive changes to existing tax law the likes of which have not been...more
12/28/2017
/ Alternative Minimum Tax ,
Corporate Taxes ,
Income Taxes ,
International Tax Issues ,
New Legislation ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Exemptions ,
Tax Rates ,
Tax Reform ,
Trump Administration
On November 2, 2017, the House Ways and Means Committee released the “Tax Cuts and Jobs Act” (H.R. 1). Key elements include reducing the tax rate on corporations to 20%, and reducing the tax rate paid on income earned by...more
11/3/2017
/ 401k ,
Alternative Minimum Tax ,
Business Taxes ,
Charitable Donations ,
Child Tax Credit ,
Contribution Limits ,
Corporate Taxes ,
Employee Benefits ,
Estate Tax ,
Income Taxes ,
Local Taxes ,
Mortgage Interest ,
Pass-Through Entities ,
Retirement Plan ,
State and Local Government ,
State Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
Comprehensive tax reform that lowers business and individual tax rates, streamlines the tax code, and allows U.S. businesses to become more competitive in the global economy are among the top priorities of the Trump...more
On December 18, 2015, President Obama signed the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) after both houses of Congress voted to approve the budget measure and comprehensive spending bill. The PATH Act...more
On Tuesday, April 27, 2015, Missouri Governor Jay Nixon signed House Bill 384, which creates a Tax Amnesty Program for taxes administered by the Missouri Department of Revenue. This includes state income taxes, franchise...more
In This Issue:
- Solar Sites
- The Proposed Regulations
- Intangible Assets
- Distinct Assets
- Examples in the Proposed Regulations
- Effective Date
- Excerpt from Solar Sites:
A key...more
In this issue, we address important new Missouri tax changes that were passed on May 6, 2014 after the Missouri Legislature overruled Governor Jay Nixon's veto. The legislation modifies the individual income tax rate table by...more
In this e-Alert, we address the recent United States Supreme Court decision in U.S. v. Quality Stores, Inc., et al, No. 12-1408 (Sup. Ct. 03/25/2014), whereby the United States Supreme Court unanimously overturned the prior...more
After much contention,Congress passed the American Taxpayer Relief Act of 2012, and President Obama signed the legislation on January 2, 2013. The Act avoids automatic sunset provisions that were scheduled to take effect...more
1/22/2013
/ Alternative Minimum Tax ,
American Taxpayer Relief Act ,
Bush-Era Tax Cuts ,
Business Taxes ,
Capital Gains ,
Dividends ,
Energy Tax Incentives ,
Estate Tax ,
FICA Taxes ,
Fiscal Cliff ,
Income Taxes ,
Itemized Deductions ,
Tax Rates
In its recent decision, the United States Court of Appeals for the Sixth Circuit in U.S. v. Quality Stores, Inc., No. 10-1563 (6th Cir., 9/7/2012) held that certain severance payments made to former employees were not subject...more