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Tax Monitor

State and Local Tax

Certain State Tax Treatment Of PPP Loan Forgiveness And Deductibility Of Expenses

Federal Treatment of PPP Loan Forgiveness and Deductibility of Covered Expenses

One of the largest relief programs contained in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) passed March 27, 2020, was the Payroll Protection Program (“PPP”), which provided forgivable loan assistance to companies seeking to maintain their payroll during the COVID-19 pandemic. The CARES Act…

An Update on Taxes During COVID-19 - UPDATED

Breaking News: U.S. Treasury Secretary Steven Mnuchin announced on March 20, 2020 that the IRS is moving Tax Day to July 15, 2020 from April 15. Accordingly, taxpayers can now delay filing and paying taxes until July 15.  Taxpayers can also still delay paying first quarter 2020 estimates until July 15. For details click here.

The Treasury announced yesterday, March 17, 2020, invoking the…

U.S. Supreme Court Decision Clears the Way for West Virginia to Tax Internet Sales

On June 21, 2018, in a 5-4 opinion, the United States Supreme Court overturned Quill Corp. v. North Dakota and National Bellas Hess, Inc. v. Department of Revenue of Illinois, which had previously held that a state cannot require an out-of-state seller with no physical presence in the state to collect and remit sales taxes on goods the seller ships to consumers in the state.  See South Dakota v. …

Tax Deferred Annuities – Heightened Fiduciary Scrutiny

Over the last several years, much has been written in connection with the surge of “excessive fee” litigation against Section 401(k) plans.  The surge continues and has now been extended to Section 403(b) plans which are often referred to as Tax Deferred Annuities.  One commentator estimates that over twenty class action excessive fee litigation cases were filed during the first quarter of 2016…

Tax Commissioner publishes tentative 2017 Natural Resource Valuation Variables for Public Comment

On June 30, 2016, the State Tax Commissioner published the 2017 tentative natural resource property valuation variables developed by the State Tax Department for appraising natural gas, oil, coal, managed timberland and other natural resources for ad valorem tax purposes. The Tax Department will accept written public comments on the valuation variables until August 1, 2016.  Final valuation…

Employee or Independent Contractor? That is the Question

The federal government continues to focus on what various agencies refer to as “misclassified” employees -- workers who should be treated as employees but whom the employer classifies as independent contractors. Many businesses prefer to utilize independent contractors rather than employees. With independent contractors, businesses are not subject to FICA/FUTA obligations, federal and state…

Increased Limited Liability Company Tax Audits Are Coming

The increase in usage of limited liability companies (“LLCs”) as the business form of choice has led to changes in the IRS statutes concerning audits of LLCs. On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (“BBA”) into law. The BBA brings drastic changes to the audit process of partnerships which will allow the IRS greater enforcement and collection authority in…

 

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