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Tax Alerts

April 07, 2021

Tax Briefing(s)

American Rescue Plan Act of 2021 2020 Tax Year-In-Review Consolidated Appropriations Act, 2021 (revised)2020 Post-Election Tax Policy Update

IRS Update on Economic Impact Payments
On March 17, the IRS, Treasury, and the Bureau of the Fiscal Service announced that they had disbursed approximately 90 million Economic Impact Payments (EIPs) from the American Rescue Plan. EIPs are ...

IRS Clarifies 2020 Unemployment Payment Treatment
On its website, the IRS has provided instructions on reporting 2020 unemployment compensation following the enactment of the American Rescue Plan Act.For taxpayers with modified adjusted gross income ...

SBA Introduces New PPP Loan Application Forms
The Small Business Administration has introduced new Paycheck Protection Program (PPP) loan application forms for borrowers that are Schedule C filers. These new applications reflect new rules that al...

Guidance on Employee Retention Credit for 2020
The IRS has issued guidance for employers claiming the COVID-19 employee retention credit under Act Sec. 2301 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) ( P.L. 116-136), as ...

Alert on Improper DPAD Refund Claims
The IRS has issued an alert concerning amended returns and claims for the domestic production activities deduction (DPAD) under Code Sec. 199, which was repealed as part of the Tax Cuts and Jobs Act f...

Large Cash Transaction Reporting Reminder
The IRS has reminded businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000. Generally, any person in a trade or business who receives more than $10,000 in cash in ...

IRS Resources Available in Multiple Languages
The IRS has said that it continues its efforts to expand ways to communicate to taxpayers who prefer to get information in other languages. For the first time ever, the IRS has posted a Spanish langua...

2021 Foreign Housing Expense Amounts
The IRS has provided the foreign housing expense exclusion/deduction amounts for tax year 2021. Generally, a qualified individual whose entire tax year is within the applicable period is limited to ma...

AZ - Guidance provided on sales of adult use marijuana
Arizona has begun providing guidance on the adult use (recreational) marijuana excise tax. Adult use marijuana dispensaries must remit transaction privilege tax (TPT) and marijuana excise tax (MET) to...

CA - California authorizes golden state stimulus payments authorized
California will provide stimulus payments to millions of low-income Californians under the Golden State Stimulus plan. The one-time payments provide financial relief to households who have been advers...

CO - Revised guidance on capital gain subtraction issued
The Colorado Department of Revenue has updated its guidance regarding the corporate and personal income tax subtraction allowed for certain qualified capital gain income if it is included in federal t...

FL - Guidance on 1099-K reporting requirements issued
Florida issued guidance on 1099-K income tax reporting requirements for:credit companies; andthird-party settlement organizations (TPSOs).Reporting RequirementsEffective January 1, 2021, credit card c...

HI - Publication discussing taxation of agricultural and aquacultural producers updated
The Hawaii Department of Taxation has updated its Tax Facts publication that discusses the sales and use tax applicability to agricultural and aquacultural producers. An agricultural or aquacultural p...

IL - FAQs for marketplace facilitators, marketplace sellers, and remote retailers revised again
Illinois again revised sales and use tax frequently asked questions (FAQs) for marketplace facilitators, marketplace sellers, and remote retailers. Previous revisions to the FAQs were discussed in a s...

IN - IRC conformity bill passes house
The Indiana House passed legislation to updated the state’s income tax Internal Revenue Code (IRC) conformity date. The bill incorporates federal tax law changes in effect on January 1, 2021. H.B. ...

KY - Third-party purchaser failed to comply with notice requirements
For property tax purposes, the Supreme Court reversed the Court of Appeals’ decision affirming the circuit court’s decision granting summary judgment and confirming a foreclosure sale because a ge...

LA - Local tax collectors required to submit proposed judgments
For sales and use tax purposes, the Louisiana Board of Tax Appeals (BTA) ordered two local tax collectors to submit proposed judgements regarding the amount of tax they were entitled to collect based ...

MI - Residence of minister serving in administrative capacity was exempt
The Michigan property tax exemption for a "parsonage" applied to the residence of an ordained minister who did not have a designated congregation but performed an administrative role for her church....

MN - Individuals working from home due to covid-19 may have forms w-2 with improperly allocated wages
Individuals may have received 2020 Forms W-2 with improperly allocated wages if they:normally work in one state, but live in another state; andworked from home due to the COVID-19 pandemic.For Minneso...

NY - Exemption denied for failure to show painting was purchased for resale
A limited liability company’s (taxpayer's) purchase of a one-half interest in a painting that was subsequently leased was not exempt from New York sales and use tax because the taxpayer failed to sh...

ND - Annual oil trigger price adjustment for 2021 announced
North Dakota has announced the annual oil trigger price adjustment for oil extraction tax purposes.Oil Trigger PriceThe oil trigger price is $89.65 for the calendar year January 1, 2021, through Decem...

TN - Taxability of data analytics services discussed
The Tennessee Department of Revenue issued a letter ruling discussing the applicability of sales and use tax to a taxpayer’s provision of data analytics services. In this matter, the taxpayer provid...

TX - Texas franchise tax deadline extended
Texas has extended the due date for 2021 franchise tax reports from May 15 to June 15. The Comptroller announced the extension in response to the recent winter storm and power outages in the state. Th...

VA - Assessment at issue was cancelled and reversed; appeal denied
In a letter ruling, the Virginia tax commissioner determined that a taxpayer’s appeal against sales and use tax assessment was "not necessary" as the assessments at issue were cancelled and revers...

WI - Updated information on tax treatment of active military personnel issued
The Wisconsin Department of Revenue has issued a fact sheet providing personal income tax information for active military personnel. Topics discussed in the fact sheet include filing requirements, leg...

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