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The Pulse – What’s Happening in the Economy and the Capital Markets Dates covered: 2/1/21 – 2/5/21
Executive Summary It was a strong week in the markets, reflecting a good earnings season — but with the positive…
When to File CFC Interest Expense Limitation Elections
The TCJA U.S. Federal tax reform legislation enacted a business interest expense limitation applicable to U.S. taxpayers. The new rules…
The Corporate Transparency Act Gets Tough on Shell Companies
Over the last tumultuous year, a slew of new legislation has been passed, primarily in response to the pandemic and…
Top 5 Tips to Prepare for a Virtual Career Fair
With the spring semester gearing up, we have our eyes set on upcoming career fairs. Each interaction at a career…
Oregon Rules That Dividends and Gains From the Sale of Subsidiaries Are Not Taxable
Although income from an intangible asset may meet the state’s definition of apportionable “business income,” the asset from which such…
Arkansas Legal Opinion Highlights the Treatment of Services Provided with the Sale of Property
When a seller of goods also provides services in connection with its product sales, those services may be subject to…
Does Participation at a Trade Show (Post-COVID) Create Sales Tax Nexus?
Hopefully, in a post-COVID world, in-person trade shows will give businesses an opportunity to market and display their goods and…
New International Tax Reporting Required with Partnership and S Corporation Tax Returns
In recent years, the IRS has continued to emphasize U.S. international tax reporting as a high enforcement priority. U.S. taxpayers…
S Corporation Acquisitions with Foreign Target Corporations
There are a couple of different structuring options for the acquisition of an S corporation. A buyer that is a corporation…
U.S. Government Contractors and Foreign Branch Reporting on Form 8858
Beginning with the tax year 2018, the IRS now requires US taxpayers to file the US federal Form 8858 to…
The Pulse – What’s happening in the Economy and the Capital Markets : 1/18/21 – 1/22/21
Executive Summary The economy and the markets are continuing their healthy start to the year — recent government data shows…
Maryland’s Pass-through Entity Tax Election: Is There a Benefit for Restaurants, Hotels, Distributors and Retailers?
Recent IRS and Maryland publications have provided additional guidance and clarification on Maryland’s pass-through entity (PTE) tax election. The election…
The Key Reporting Changes Provider Relief Fund Recipients Should Know for 2021
The Key Reporting Changes Provider Relief Fund Recipients Should Know for 2021 Healthcare providers that received Provider Relief Fund (PRF)…
The Paycheck Protection Program and The Economic Aid Act: What Does it all Mean?
Signed into law on December 27, 2020, The Consolidated Appropriations Act, 2021 included $900 billion in stimulus relief, including $284…
Second Draw PPP Loan Application Released by SBA
On January 8, 2021, the U.S. Small Business Administration (SBA) released the Second Draw Borrower Application Form, SBA Form 2483-SD, for…
First Draw PPP Loan Application Eligibility and Requirements
On January 8, 2021, the U.S. Small Business Administration (SBA) released the Borrower Application Form, SBA Form 2483, for businesses applying…
Webinar: Unpacking PPP Updates from the Latest Stimulus Bill
The Consolidated Appropriations Act, 2021 (the Act) was passed by Congress on December 21 and includes some significant changes to…
Education 2021 & Beyond MA&A Webinar
As 2020 fades into the rear-view mirror, gain a competitive advantage in 2021 with Aprio’s webinar series: What’s Next –…
Latest Update on CIO-SP4
The NIH Office of Logistics and Acquisition Operations Associate Director Brian Goodger, who is also NITAAC’s acting director, announced that…
What Discount Rate to Use Under ASC 842 to Calculate Your Lease Liability
One of the key changes under the new leasing standard, Accounting Standards Codification Topic 842 (Topic or ASC 842), is…
Congress Makes Business Meals Temporarily 100% Deductible
When Congress passed the Tax Cuts and Jobs Act (TCJA) in 2017, it significantly limited the tax benefits available to…
Basis, That is the Question! If Not Now, When?
The Consolidated Appropriations Act of 2020 (CAA) provided clarification and delivered welcome news for owners of pass-thru entities (S corporations…
The Individual and Business Tax Provisions in the Consolidated Appropriations Act of 2020
The Consolidated Appropriations Act of 2020 (CAA) marks the culmination of months of negotiation around bringing aid to Americans affected…
Consolidated Appropriations Act of 2020 Favorable to Real Estate Industry
In the 5,593-page Consolidated Appropriations Act of 2020 (the Act), there are several provisions which impact the real estate industry….
Enhancements to the Employee Retention Credit
Monday, December 21st, 2020, Congress passed the Consolidated Appropriations Act of 2021 (the Act) which included several enhancements to the…
PPP Loan Expenses Deductible At Last
On December 20, 2020, Congress approved the Emergency COVID Relief Act of 2020 (the Act), which provides another round of…
Tax Implications of PPP Funds Finally Align with Congressional Intent
On December 20, 2020, Congress agreed to terms of the Emergency COVID Relief Act of 2020 (the Act). The Act,…
The Top 10 PPP changes in the pending Bipartisan Emergency COVID Relief Act of 2020
This week, details on the Emergency Coronavirus Relief Act were released and the proposed legislation includes significant updates to the…
The Top 10 PPP changes in the Bipartisan Emergency COVID Relief Act of 2020
On December 21, 2020, Congress passed the Emergency Coronavirus Relief Act (the Act), a component of the Consolidated Appropriations Act,…
Final Regulations have been Issued for Section 1031 Like-kind exchanges
At a glance Main takeaway: The Treasury Department and IRS released final regulations on Section 1031, Like-Kind Exchanges. Qualifying taxpayers…
Tennessee Issues Ruling on Survival of Net Operating Losses After Merger
When engaging in corporate mergers and acquisitions, including internal reorganizations, it is important for companies with state tax benefits, such…
New York Rules that Fees for Access to an Online Course Library are Not Subject to Sales Tax
With the rise in online learning, businesses offering these products and services need to be aware that the features offered…
Ohio Court Holds that Taxpayer’s Receipts from Sale of Ohio-Based Contracts are Not Ohio Receipts
State revenue sourcing rules for services and intangibles often don’t provide clear answers. It’s important to analyze your transactions carefully…
New York Ruling Addresses Sales Tax on Single Charge for Software and Services
When a business provides multiple products/services, each one must be separately analyzed to determine taxability for sales tax purposes. If…
Do You Know Where Your Employees Are?
Do you need a payroll tax review? As if complying with payroll-related taxes isn’t difficult enough, with telecommuting becoming the new…
IRS Approves Deduction for Entity-Level Income Tax Payment Made by Pass-Through Entities
In response to the $10,000 SALT deduction limitation under the Tax Cuts and Jobs Act, several states enacted pass-through entity-level…
Partner is Subject to California $800 LLC Fee Based on Flow-Through of Partnership Factors
When determining if a limited liability company is doing business in California and owes the $800 LLC Tax, it must…
What You Need to Know About PPP Economic Uncertainty Certification
On December 9, 2020, the Small Business Administration (SBA) released Paycheck Protection (PPP) Loan FAQ 53 which answers the question “Why are some PPP borrowers receiving a Loan Necessity Questionnaire?” As we previously…
CARES Act Reporting Requirements for Provider Relief Funds
The Department of Health and Human Service (HHS) reporting portal for Provider Relief Funds (PRF) opens on January 15, 2020…
IRS Expands Identity Protection PIN Program to All Taxpayers
Starting in Mid-January, 2021, the Internal Revenue Service will begin allowing all taxpayers to receive an Identity Protection Personal Identification…
Important Changes to 1099 Filing Process
The IRS has made changes to the annual 1099 filing process that most employers have become accustomed to. These changes…
Maryland Pass-through Entity Election Can Create Additional Federal Income Tax Deduction
Maryland residents that own a pass-through entity (i.e., partnership or S corporation) can create an additional federal income deduction by…
Technology and the American Healthcare Revolution
Perhaps the most painful realization from the past year is the fragility of the American healthcare system. As COVID-19 challenged…
Reevaluating your tax plans based on the presidential election outcome
Now that Joe Biden has been projected as the winner of the U.S. presidential election by major news outlets*, you…
PPP Loan Necessity Questionnaire and More Documentation Requirements
For many borrowers of Paycheck Protection Program (PPP) loans, the loan necessity questionnaires – Form 3509 (used by for-profit entities) and Form 3510 (used by…
3 Tech Growth Strategies For 2021 To Navigate Uncertainty
In a normal year, companies would use the final few months to set new goals and plan for the next…
SBA Releases Details of PPP Loan Borrowers
On December 1, 2020, per order from U.S. District Judge James Boasberg, the Small Business Administration (SBA) released the names,…
CARES Act Enhances Ability to Claim Charitable Deductions for Donated Food Inventory
With the Coronavirus Aid, Relief, and Economic Security (CARES) Act being signed into law on March 27, 2020, Congress added…