On March 17, 2021 the Internal Revenue Service announced that the 2020 federal income tax filing due date for individuals will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. What You Need to Know Until further notice, this is only relief...Continue Reading
On December 27, 2020, President Trump signed a $900 billion COVID-19 relief bill that provides additional economic relief to individuals and businesses who have been financially impacted by the pandemic. The CARES Act, which was passed March of 2020, included a stimulus payment worth up to $1,200 for individuals or $2,400 for couples. The most...Continue Reading
Government contracting has a very specific issue we have to address with regards to how research is funded, and it’s an added level of due diligence for anyone who has government contracting as a business component. However, we’ve seen this due diligence missed in government contracting tax compliance, and it creates serious risks with claiming the R&D Tax Credit and...Continue Reading
On October 1, 2020, the Alabama Department of Revenue (ADOR) officially alerted Alabama taxpayers of a new annual renewal requirement for certain ADOR-issued sales and use tax licensing. For the first time, Alabama taxpayers holding any of the following ADOR-issued licenses must renew that license between November 1, 2020 and December 31, 2020 — and annually thereafter....Continue Reading
As our firm looks to assist individuals and business owners with 2020 year-end tax planning strategies, it would be shortsighted to ignore the potential tax impact from the upcoming presidential election. The candidates have expressed starkly different positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. With the election only...Continue Reading
As our Pensacola business community begins to assess the flooding-related damage from Hurricane Sally, the demand for available resources capable of providing capital, advice and disaster relief services has become a hot topic of discussion—and a source of some confusion and frustration. On the federal level, Florida Governor Ron DeSantis sent a letter to President...Continue Reading
All too often we hear of damage caused by floods, fires, and other natural disasters. Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. In general, taxpayers who suffer an economic loss due...Continue Reading
The U.S. Treasury and Internal Revenue Service released additional guidance on August 28, 2020, related to the Executive Order authorizing the deferral of employees’ portion of the payroll tax. The deadline for employers to begin withholding the 6.2% employee portion of payroll tax was September 1, 2020. However, Treasury Secretary Steven Mnuchin has said he...Continue Reading
New Paycheck Protection Program (PPP) guidance was released last week by means of a 34-page interim final rule (IFR) issued in consultation with Treasury, in which the U.S. Small Business Administration (SBA) addresses a number of issues related to the PPP program. Most notably, the new guidance states that PPP recipients can apply for loan forgiveness before the...Continue Reading
On June 8, 2020, the Federal Reserve Board announced the expanded Main Street Lending Program and its pending launch this week. The program offers favorable lending terms for small to mid-sized businesses to assist in financial hardships due to COVID-19 and the shutdown of much of the economy over the past few months. This program...Continue Reading
