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Improperly forgiven PPP Loans are taxable

The IRS Chief Counsel’s Office has issued guidance confirming that improperly forgiven Paycheck Protection Program (PPP) loans are considered taxable income. The IRS urges PPP borrowers whose loans were improperly forgiven to file original (or amended) tax returns. The portion of the forgiven loan that doesn’t meet the requirements for forgiveness must be included in […]

Higher Education Accountability Act

Three U.S. House Republicans say that President Biden’s plan to forgive as much as $20,000 per borrower of student loan debt is a “giveaway” to highly profitable universities. With the Higher Education Accountability Act, the lawmakers propose to raise the excise tax on investment income of private institutions from 1.7% to 10%. Universities that increased […]

House advances Social Security Fairness Act

Members of the U.S. House Ways and Means Committee have unanimously advanced the Social Security Fairness Act of 2021 to a vote by the full House. Already, 300 House members have signaled support of the bill, which would repeal two Social Security Act provisions that have long penalized many public servants. The first is the […]

Inflation Reduction Act expands valuable R&D payroll tax credit

When President Biden signed the Inflation Reduction Act (IRA) into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax break for qualifying small businesses. The IRA more than doubles the amount a qualified business can potentially claim as […]

Hurricane Fiona Relief

The IRS is providing tax relief for victims of Hurricane Fiona in Puerto Rico. Individuals and households affected by the storm that reside or have a business in any of the 78 Puerto Rican municipalities qualify for the tax relief. Affected individuals and businesses now have until Feb. 15, 2023, to file tax returns and […]

Late Filing Relief

Individuals and businesses affected by the COVID-19 pandemic may qualify for late-filing penalty relief if they file their 2019 and 2020 tax returns by Sept. 30, 2022. This penalty relief is automatic. Eligible taxpayers who already filed their tax returns don’t need to apply for it and those filing now don’t need to attach any […]

Combined Federal and State Corporate Income Tax Rates in 2022

Combined Federal and State Corporate Income Tax Rates in 2022 https://bit.ly/3ChHQTM

CTC Update

Democratic lawmakers argue that a recent U.S. Census Bureau report illustrating a decline in child poverty shows the Child Tax Credit (CTC) enhancements that expired at the end of 2021 should be made permanent. From 2020 to 2021, the supplemental poverty measure among children fell to 5.2% from 9.7%. The drop is largely attributable to […]

Work Opportunity Tax Credit Update

The IRS has updated information on the Work Opportunity Tax Credit (WOTC). This credit is available to employers that hire designated categories of workers who face significant barriers to employment. In today’s tight job market, the WOTC may help employers. In IR 2022-159, the IRS updates include information about the pre-screening and certification processes. To […]