As 2020 draws to a close and businesses begin to focus in large part on year-end tax planning and compliance-related matters, the unique nature of this year will require particular attention.
With year-end quickly approaching for calendar year filers, it is the time of year to start thinking about ways to reduce the potential upcoming tax burden, assuming the impact of the global pandemic hasn’t already done that for your business.
Taxing authorities have been grappling with the potential state and local tax impact of remote workers since the beginning of the COVID-19 pandemic in the United States earlier this year. The Massachusetts Department of Revenue (“the Department”) first issued guidance in this area in late April of 2020, in the
Yesterday, Governor Mills announced the creation of the Tourism, Hospitality and Retail Recovery Grant Program. This program is designed specifically to support Maine’s service sector small businesses that have been devastated by the impact of the COVID-19 pandemic. The program will utilize $40 million of CARES Act funding to make
With Joseph Biden and Kamala Harris winning the 2020 Presidential election, many real estate developers and investors will be wondering how the results of this election may impact their business models, if at all. The last several years have seen significant tax reform, regulations, and changes as a result of
Moving with almost unprecedented swiftness, on November 19, 2020 the Internal Revenue Service issued final regulations (T.D. 9933) to codify Internal Revenue Code Section 512(a)(6), which was implemented in December of 2017. A mere 6 months earlier, in April of this year, the IRS published proposed 512(a)(6) regulations in publication
Coauthored by Stanley Rose On November 18th, 2020 the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51. This guidance provides some answers long awaited by taxpayers and their advisors addressing (1) whether expenditures made with PPP loan funds are tax-deductible and (2) the year in which the deductions are