Don’t Be Fooled! Tax Scams in 2020
“We don’t get fooled again!” are the lyrics and namesake of the 1970 song by Rock n’ Roll band The Who, and 50 years later, they are still words to live by in today’s chaotic environment. With all of the distractions brought on by the pandemic comes a golden
The GILTI Verdict Is In
Retroactive and Future High-Tax Exceptions Available New regulations released by the Treasury Department on July 21, 2020 have confirmed inclusion of a high-tax exception to avoid global intangible low-taxed income (GILTI). Released under IRC Section 951A and the temporary regulations under section 954, these regulations have been anxiously awaited since
Leave-Sharing: Support for Employees in Crisis Time
IRS Ruling Creates Potential Win-Win for Employees Many companies have established leave-sharing plans, which allow employees to donate accrued leave time for use by others in the company. In general, the employee who donates the time will report that paid time off (PTO) as taxable compensation on their W-2. However,
Endow Kentucky Program Offers New Tax Credit
Applications Open July 1 A $1 million program in Kentucky provides a unique opportunity for a state tax credit: The Endow Kentucky Tax Credit Program offers a credit toward Kentucky income tax following a contribution to permanent endowment funds at Horizon Community Funds. The program, which is available for
Making the Most of the CARES Act: NOL Carrybacks
Finding the Silver Lining in a Net Operating Loss The CARES Act is designed to minimize the economic impact for individuals and organizations; softening the blow of Net Operating Losses (NOLs) is a significant part of that relief. The CARES Act restores a taxpayer’s ability to file an NOL carryback
Making the Most of the CARES Act: Amending vs. Superseding Returns
The CARES Act contains robust tax provisions effective for years 2018, 2019, and 2020, including those that allow taxpayers to take advantage of specific expensing rules for the affected years. How can you maximize those provisions for your business? There are many options to consider, and you may be wondering