Your Guide to State, Local, Federal, Estate + International Taxation

Consider an SBA Disaster Loan

We’ve been talking a lot about U.S. Small Business Administration (SBA) low-interest federal disaster loans lately. If your business has been adversely affected by COVID-19, an SBA disaster loan could be a viable solution. $50 billion in funding has been set aside for the program which offers up to $2 million in assistance for each …

Keep Reading

Wondering how the payroll tax credits work for COVID-19 related sick leave?

Under the Families First Coronavirus Response Act (Act) (H.R. 6201), employees (and the self-employed) can claim a refundable federal tax credit to recover 100% of any COVID-19 related sick time payments but confusion continues on how and when exactly employers recoup that loss. The IRS says employers can subtract the cost of the sick time …

Keep Reading

Taxpayers losing SALT lawsuits

Not only have states become more aggressive in collecting all sorts of taxes since the Wayfair decision passed, they have generally become more successful in their lawsuits as well.  In 2019 and 2018, taxpayers prevailed on their significant SALT cases at 38.1 percent and 36.8 percent, respectively, while in 2017 and 2016 the percentages were …

Keep Reading

Arizona governor outlines essential personnel

On March 30, 2020, Governor Doug Ducey issued the state of Arizona a Stay home, Stay healthy, Stay connected order. He’d previously issued clearance on who is considered essential personnel during the COVID-19 crisis. Essential personnel includes those who work for: Health care and public health operations, including hospitals, public health entities, distributors of personal …

Keep Reading

COVID-19 expenses eligible for tax free qualified disaster assistance from employers

Now that COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 allows employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” This is how it works. Qualified disaster payments are payments that wouldn’t normally be reimbursed by insurance to help an employee with expenses related to a qualified disaster …

Keep Reading

Federal aid package helps individuals affected by COVID-19

In response to the coronavirus pandemic, congress passed The Families First Coronavirus Response Act (H.R. 6201), which became law on March 18, 2020. The act is an emergency measure set to expire in late 2020. In a bid to help mitigate the pain individuals and companies are feeling during the pandemic, the act seeks to provide …

Keep Reading

Arizona tax deadline changed to July

In line with the change to the federal tax filing deadline, the Arizona Department of Revenue (ADOR) moved the deadline for filing and paying state income tax from April 15 to July 15, 2020. The new deadline applies to individual, corporate and fiduciary tax returns and means taxpayers filing state tax returns or submitting payments …

Keep Reading

Tax deadlines pushed due to coronavirus

Rumors about a possible Internal Revenue Service (IRS) extension of the April 15 tax deadline finally came to fruition this week. Due to the unprecedented coronavirus (COVID-19) crisis, the IRS is deferring deadlines for tax payments. Don’t miss: Treasury throws business life preserver in coronavirus storm In a statement released on Wednesday, Treasury and the …

Keep Reading

IRA contributions and IRA distributions to charity changed under new tax law

Before 2019’s SECURE Act, you could not contribute to a traditional IRA account in the year you turned 70 1/2 and later years. Under the new SECURE Act, this age limit is repealed for contributions starting in 2020. Don’t miss: SECURE Act changes deadline for retirement plan As life expectancy for the average person increases, …

Keep Reading

Avoid getting hooked by phishing scams

In IRS Tax Tip 2019-170, the IRS laid out the tactics of phishing scammers and how to look out for them. A phishing scam is intended to trick users by disguising an email or website to look legitimate, convincing the users to provide personal information or click on unsolicited links. These emails can come to …

Keep Reading