Maine Governor Janet Mills submitted a supplemental budget, as amended by a change package submitted on January 25, 2021. The supplemental budget is notable for its retroactive conformity to the Internal Revenue Code (IRC) as...more
1/27/2021
/ CARES Act ,
Charitable Deductions ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
GILTI tax ,
Governor Mills ,
Internal Revenue Code (IRC) ,
Loan Forgiveness ,
Net Operating Losses ,
Paycheck Protection Program (PPP) ,
Tax Cuts and Jobs Act
On October 16, 2020, Maine Governor Janet Mills issued a press release addressing several COVID-19-related tax issues, and Maine Revenue Services today issued guidance providing further details....more
10/20/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Double Taxation ,
Filing Deadlines ,
Governor Mills ,
Income Taxes ,
State of Emergency ,
State Taxes ,
Tax Credits ,
Withholding Tax
Maine Revenue Services (MRS) has informed taxpayers that Maine does not conform to the federal tax changes enacted in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security...more
7/16/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Income Taxes ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Sick Pay ,
State and Local Government ,
State Taxes ,
Tax Planning
States Covered: Maine, Massachusetts, New Hampshire, and Rhode Island -
FEDERAL PROGRAMS -
In response to the unprecedented disruption caused by the COVID-19 pandemic and public health efforts to fight the virus, federal...more
4/5/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
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