Stay-at-home orders sparked by the COVID-19 pandemic have resulted in mass business closures, hence, leading to dramatic reductions in state tax revenue. While the full financial impact will not be known for months or even years, we do know that state budget shortfalls are projected to be in the...
Read MoreThe past nine weeks have been a challenge for all Ohioans as we navigate unchartered waters. However, our Ohio legislators have not let countless obstacles deter them from identifying means to support businesses and employees. Ohio is presently drafting legislation (SB 308) to provide...
Read MoreJoining states such as Connecticut, Louisiana, New Jersey, Oklahoma and Wisconsin, Maryland has enacted an elective pass-through entity tax to circumvent the $10,000 cap for the federal state and local tax deductions. While the IRS rendered other state and local tax workarounds ineffective, such...
Read MoreAs we continue to monitor and interpret state responses and guidance related to the COVID-19 pandemic, Hannah Prengler offers additional analysis regarding Ohio’s relief efforts for businesses, including:Ohio House Bill 197,Ohio’s conformity to the CARES Act,Employer opportunities...
Read MoreAs states continue to offer tax return filing, payment deferrals and other assistance measures in light of the COVID-19 pandemic, we take a closer look at Wisconsin.Learn more about relief efforts identified in other states in which our firm is located in our easy-to-use spreadsheet trackerState...
Read MoreOver the past several weeks, there has been a significant shift from working in the office to working from home as businesses and employees comply with "stay at home" orders across the country. However, businesses that have employees teleworking outside the office could be creating a...
Read MoreAs states continue to offer tax return filing, payment deferrals and other assistance measures in light of the COVID-19 pandemic, we take a closer look at Illinois.Learn more about relief efforts identified in other states in which our firm is located in our easy-to-use spreadsheet trackerChicago...
Read MoreIn light of the COVID-19 pandemic, states continue to offer tax return filing and payment deferrals as well as other assistance measures, including employee retention and loan/financial assistance programs. Below highlights Pennsylvania’s efforts. To learn more about relief efforts...
Read MoreIn light of the COVID-19 pandemic, nearly every state is offering tax return filing and payment deferrals. In addition, federal, state and local authorities are offering business and their employees numerous assistance measures, including employee retention and loan/financial assistance programs,...
Read MoreAs always, there is a lot going on in the tax world that impacts businesses and their owners, this year in particular due to the Tax Cuts and Jobs Act. It was my privilege to again serve as editor of the AICPA’s Tax Adviser August Tax Clinic, a special section in the professional journal...
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