Senate Finance releases Build Back Better text
Senate Finance Committee Build Back Better language largely leaves House Bill unchanged. SALT language omitted as well as billionaires' tax.
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5 features of tax deductions for energy efficiency
If your company owns or leases energy-efficient commercial buildings, you may be eligible for a deduction for associated property costs.
IRS extends May 17, 2021 due date for victims of Tennessee storms
IRS postpones certain filing, payment and other deadlines for taxpayers affected by Tennessee storms, wind, tornadoes, and flooding.
The IRS provides further guidance on the Employee Retention Tax Credit
The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
Guidance issued for employers claiming the Employee Retention Credit
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
Court holds fuel mixture credit must first offset excise tax liability
Tennessee district court holds credit against fuel excise taxes, reduces excise tax liability and must be deducted from production costs.
Employee retention tax credit significantly expanded for 2021
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
Congress passes appropriations bill, containing COVID-19 relief bill
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
Permanent excise tax breaks for craft brewers, wineries and distillers
Industry backed legislation passed by Congress to make permanent excise tax rate reductions for craft beer, wine, and distilled spirits.
IRS issues interim guidance on backlog of fuel credit claims
The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.
2020 year end tax considerations for businesses
Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.
IRS issues final regulations on meals and entertainment deductions
The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.