IRS Makes Statements on CARES Act Employee Retention Tax Credit Risks
(authored by RSM US LLP) On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try...
31 October, 2022
CARES Act Tag
How to Repay Deferred Social Security Tax
How Self-Employed Individuals and Household Employers Repay Deferred Social Security Tax The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain...
17 October, 2022
IRS Fights Employee Retention Tax Credit Fraud
In March 2022, the IRS identified 11,096 suspicious returns claiming more than $2 trillion in Employee Retention Tax Credits. The full extent of the fraud has yet to be...
03 October, 2022
IRS Delays Caused Employers to Wait on Needed COVID Tax Credit Relief
(authored by RSM US LLP) Congress passed multiple pieces of legislation aimed at providing relief to employers struggling due to the pandemic. A new Treasury Inspector General for Tax Administration...
08 September, 2022
PPP Taxable in Utah and Other States
The federal government waived taxes on PPP loans, but Utah requires businesses to pay taxes in most situations. Specifically, it is taxable if the PPP/Grant money was used to pay...
25 March, 2021
Enhanced Charitable Deductions Extended for Individuals Through 2021
(authored by RSM US LLP) Stimulus legislation extends through 2021 the 100% of AGI deduction for itemizers and availability of a deduction for non-itemizers....
24 February, 2021
Colorado Restores Certain Business Deductions Related to the CARES Act
(authored by RSM US LLP) Colorado enacts law restoring certain deductions related the to the CARES Act for both business and individual taxpayers....
23 February, 2021
PPP Forgiveness and Expenses: State Tax Implications
(authored by RSM US LLP) States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income....
15 January, 2021