The Kentucky General Assembly spent the second to last day of the 2022 legislative session overriding Governor Beshear’s vetoes related to the state budget, taxes, education, and more. The changes are effective for tax years after January 1, 2023. If certain conditions are met, the individual income tax will be
The IRS entered the 2022 tax season with significant operational challenges including an enormous backlog of unprocessed returns and chronic issues with customer service quality. While it’s typical for the agency to begin tax season with up to about one million unprocessed returns, this year the number increased to 11.7
If your business qualifies for the research and experimentation (R&E) tax credits, it’s important to know that changes to the tax treatment of R&E expenditures will go into effect on January 1, 2022. The Tax Cuts and Jobs Act (TCJA) of 2017 set the timing for these changes –
New Economic Injury Disaster Loan (EIDL) program changes took effect September 8, 2021, in the COVID EIDL program and may relieve the burden on some small businesses by making the loan process easier to navigate and providing additional resources and flexibility in how the loan proceeds may be used. The
The Cares Act (signed by President Trump on March 27, 2020) provided for a refundable Employee Retention Credit (ERC); however, PPP loan recipients were precluded from qualifying for the ERC. At that time, many businesses chose to apply for PPP loans in 2020 as opposed to ERCs. The President