In recent years, tax schemes and scams have been on the rise. Con artists work year-round which means taxpayers must remain vigilant to avoid being victimized. Here are some tips to help people recognize and avoid some of the most common tax related scams. Email phishing scams The IRS does not initiate contact with taxpayers [...]
Reference to "Can Congress Tax the “Wealth” of Charles and Kathleen Moore by Deeming it Income? A challenge to a 2017 law could shut the door to Elizabeth Warren’s far more ambitious levy." The impetus for this commentary is a Rivkin & Grossman opinion piece that appeared in the Wall Street Journal (WSJ) on [...]
After the confusion of the first Paycheck Protection Program (PPP) Loan Forgiveness process, there is hope! The Small Business Administration (SBA) announced a new portal for borrowers of $150,000 or less in the second round of PPP loans which allows borrowers to apply directly to the SBA for forgiveness. Lenders must opt-in for borrowers [...]
Hoosiers will see a total refund worth $545.3M when they file their 2021 state tax returns next year. Per Indiana state law, if Indiana’s reserves are 12.5% of general fund appropriations or higher (excluding K-12 education reserves), Hoosiers get the surplus back in the form of a tax credit. This year’s reserves are an [...]
The Joint Committee on Taxation released on June 17, 2021, its Technical Explanation of the Clean Energy for America Act (CEAA) which passed the Senate Committee of Finance on May 26, 2021. Here are the highlights if the underlying legislation become law as proposed: Oil & Gas Effective for taxable years beginning after the [...]
The American Rescue Plan (“ARPA”) raised the maximum child tax credit in 2021 to $3,600 for each qualifying child under the age of 6 and $3,000 for each qualifying child between the ages of 6 and 17. Previously, the child tax credit was $2,000 for each qualifying child and 17-year-olds were not considered “qualifying children” [...]
For tax years beginning on or after January 1, 2022, a pass-through entity will no longer be allowed to file a composite return on behalf of electing nonresident individual partners, members, or shareholders. Instead, the pass-through entity will be required to make quarterly estimated withholding payments on behalf of its nonresident individual owners and [...]
On March 31, 2021, Governor Mike DeWine signed Senate Bill 18 into law. The bill was designated as an emergency measure, and therefore, the bill takes effect immediately instead of the normal 90 day waiting period. Recently enacted legislation, including the Consolidated Appropriations Act of 2021 (“CAA”) and the American Rescue Plan Act of [...]
On March 11, 2021, President Biden signed into law the $1.9 trillion American Rescue Plan Act of 2021 (“ARPA”). The legislation includes among other things, a third economic impact payment (EIP) (also known as a stimulus payment), an increase in the child tax credit amount and changes as to eligibility, an extension of the [...]
Federal The Treasury Department and the IRS announced on March 17, 2021, that individuals may file their 2020 tax returns on or before May 17, 2021 without imposition of penalties or interest. The announcement effectively extends the deadline to file 2020 taxes to May 17, 2021. However, the extension of time only applies to individual tax returns. It [...]
