As you can imagine, the new $1.9 trillion COVID Relief Legislation covers a lot of ground. Here are the provisions that we believe will be of greatest interest to you:
Employee Retention Tax Credit- Understanding changes made by the Credit Consolidated Appropriations Act You may have seen or read about the Employee Retention Tax Credit (ERC) that was introduced with the CARES Act and clarified by the recent Consolidated Appropriations Act (CAA). The short version is, if your business was shut down or severely impaired…
The Alabama Tax Tribunal recently held that modified canned software is nontaxable custom software. In Russell County Community Hospital v. Alabama Department of Revenue ( No. S 15-1683 Ala. Tax Trib. June 13, 2016), the Tribunal ruled that the taxpayer was entitled to a refund of sales tax paid on purchases of software, where the software…
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. All qualifying taxpayers are allowed a standard deduction regardless of actual deductions. For those under 65 years of age, the basic standard deduction for 2014 is $12,400 if married and filing jointly…
For additional information regarding 2014 tax planning, you can download our 2014 Tax Planning Guide from the Resources tab on our website. For most taxpayers, questions about what is deductible far outnumber the questions about what is taxable. Why? Most income is reported to you and the IRS shortly after year-end on standard documents…
In addition to being unnecessarily complex, another frustrating aspect of tax compliance is that the rules change every year. 2014 is no exception. Each year, Congress and the President review the tax rules slated for expiration in the upcoming year and, for the most part, enact legislation to extend those rules for the next year….
Congress has passed legislation that expands the timeframe and scope of the homebuyer credit; the President’s signature is a foregone conclusion. As you probably know, the first-time homebuyer credit was set to expire November 30th. Under this program, a first-time homebuyer would be eligible for a refundable tax credit of up to $8,000 on his or her income tax return providing the purchase took place by the program expiration date.
Under the new program, the credit for first-time homebuyers is extended to include purchases made by April 30, 2010. Providing a contract is executed by that date, the closing of the purchase must take place by June 30, 2010 in order to qualify.
Long-time residents can benefit, too. See full post for details.