Last Call for 2020 Tax Planning (Yes, in April 2021)

Believe It or Not, There’s Still Time to Implement This Smart Strategy The global pandemic has relentlessly hammered business owners from every angle – and while massive relief legislation eased some of the burden, it also increased the workload. Developing and maintaining alternative business operations to keep employees and customers

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Expenses Paid with PPP Loan Proceeds Now Deductible in Kentucky

On March 15, 2021, Kentucky Governor Andy Beshear signed into law House Bill 278, which allows expenses paid with PPP loan proceeds to be tax deductible for Kentucky income tax purposes, providing much needed relief for taxpayers. The passage of the Consolidated Appropriations Act (“CAA”) in late December provided taxpayers

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President Biden Signs the American Rescue Plan of 2021

[UPDATE: On Thursday, March 11, 2021, President Biden signed into law: H.R. 1319, the “American Rescue Plan Act of 2021,” which provides additional relief to address the continued impact of the COVID-19 pandemic on the economy, public health, State and local governments, individuals, and businesses. On March 10, 2021, the

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Lawmakers Push to Extend Tax Filing Deadline

On February 18, 2021, the Committee on Ways and Means wrote a letter to IRS Commissioner Charles P. Rettig to petition the extension of the tax return filing season beyond April 15, 2021.  The Service was asked to consider the request and make an announcement as soon as possible. Different

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