(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...
Authored by the IRS, July 6, 2021 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...
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...
(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....
(authored by RSM US LLP) Colorado enacts law restoring certain deductions related the to the CARES Act for both business and individual taxpayers....
(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....
(authored by RSM US LLP) Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed....
Recovery Rebate Stimulus Payments and Credits December 2020 Stimulus Payments The bill provides a refundable tax credit in the amount of $600 per eligible family member. The credit is $600 per...