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
CARES Act Tag
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
Game-changing Updates to the Employee Retention Tax Credit
(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....
08 January, 2021
Dec. 2020 Stimulus Payments
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...
06 January, 2021
Extension of COVID-19 Employee Retention Credits
This may be one of the most important sections of the December 2020 Tax Act for Businesses. It may provide significant tax credits on Forms 941 and 944. Original Employee Retention...
06 January, 2021
New Stimulus Bill and PPP Updates
On Dec. 22, 2020, Congress passed the latest COVID-19 Relief Bill. This is the largest bill ever passed by Congress at over 5,500 pages. It contains over $900 billion of...
22 December, 2020