Taxpayers with research expenses may be negatively impacted by a delayed change stemming from the 2017 Tax Cuts and Jobs Act (TCJA). Understanding the implications of this change is essential for those with such expenses in tax years beginning after December 31, 2021.
Read moreA long-awaited follow up to the 2019 SECURE Act was included as part of the year-end congressional spending bill enacted on December 29, 2022. The SECURE 2.0 Act of 2022 (“SECURE 2.0”) contains numerous retirement-related provisions that will impact savers, retirees, and employers. Below are a few highlights to note.
Read moreThe Missouri qualified research expense tax credit was recently revived and will be available from January 1, 2023 through December 31, 2028. This is great news for innovative businesses with qualified research activities in Missouri, as this type of credit had not been available since 2004.
Learn moreThe Inflation Reduction Act (“IRA”) was signed into law by President Biden this week, marking the end of more than a year’s worth of negotiations on a tax bill previously referred to the Build Back Better Act (“BBB”).
Learn moreRecent storms and flooding in Missouri have resulted in the extension of various federal tax filing and payment due dates to November 15, 2022 for impacted businesses and individuals.
Learn moreInternational tax information reporting for 2021 brings the addition of two new schedules for passthrough entity tax returns: Schedules K-2 and K-3. Filing requirements may impact domestic partnerships and S corporations with no apparent items of international tax relevance, however, the IRS has provided filing relief for tax years beginning in 2021.
Learn moreOn October 15, 2021 the IRS released a Chief Counsel Memorandum (CCM) detailing the information taxpayers will be required to include when filing a research tax credit refund claim on an amended tax return
Learn moreThe bipartisan Infrastructure Investment and Jobs Act (IIJA) containing $550 billion in new funding for the nation’s traditional infrastructure and broadband was signed into law by President Biden on November 15, 2021. The bill doesn’t have nearly the breadth of tax provisions that the “Build Back Better” bill is proposing, but it does contain a few noteworthy changes. Particularly of interest, it ends the Employee Retention Credit (ERC) one quarter early for many employers.
Learn moreLong-awaited additional guidance on the Employee Retention Credit (ERC) was recently provided in Notice 2021-49 covering changes to the credit for quarters three and four of 2021, as well as general guidance for all quarters on a few gray areas.
Learn morePresident Biden recently released his administration’s FY2022 budget request, which formalizes its legislative agenda for the fiscal year.
Learn moreWhile the first COVID-related legislation was enacted over a year ago, resulting programs are still ongoing or just getting started. Below is the latest on relief programs available for businesses impacted by the pandemic:
Learn moreThe IRS issued Notice 2021-21 to provide additional guidance on the postponement of the federal April 15 tax deadline to May 17, 2021 for individuals.
Learn moreFor a second straight year, the Internal Revenue Service has delayed the April 15 tax filing deadline.
Learn moreThe Shuttered Venue Operators (SVO) grant program is slated to open April 8th after having a slow start since first established as part of the Consolidated Appropriations Act in December of 2020.
Learn moreOn March 11, 2021, President Biden signed the American Rescue Plan Act (ARPA) into law. The $1.9T stimulus package passed Congress largely along party lines, with one Democrat voting in opposition.
Learn moreNotice 2021-20 provides much needed guidance on the 2020 Employee Retention Credit (ERC), including a definition of the word “nominal” as it is used in in determining whether a business has sustained a partial shutdown.
Learn moreThe 2020 election has left the future of tax policy uncertain. While Democrats maintained a slim majority in the House of Representatives, the final composition of the Senate will not be decided until two runoff elections are held in Georgia in January of 2021.
Learn moreThe IRS and Treasury have finalized regulations implementing amendments made by the Tax Cuts and Jobs Act (TCJA) to business related meals and entertainment deductions.
Learn moreOn August 24, 2020, the Small Business Administration (SBA) published an Interim Final Rule (IFR), governing forgiveness of Paycheck Protection Program (PPP) loans.
Learn moreRecently, the IRS has stopped mailing three types of notices: CP501, CP503 and CP504. These notices typically go to taxpayers who have a balance due on their taxes.
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