Tax Updates Archives

IRS Takes Gloves Off – Announces Immediate Suspension of Processing New ERC Claims

First GLAM, and now Slam: the IRS is getting serious with questionable Employee Retention Credit (ERC) claims. GLAM On July 21, 2023, the IRS…

President Signs Legislation Raising the Debt Ceiling and Making Budget Changes

Over the Memorial Day weekend, Congressional leaders and the Administration reached an agreement to extend the debt limit, also agreeing to make various changes…

Next Act for the Employee Retention Credit (ERC): Top of the 2023 IRS “Dirty Dozen” List

Since its introduction three years ago under the CARES Act, the Employee Retention Credit (ERC) has had a significant impact on many for-profit and…

Congress Passes Omnibus Spending Bill Without Key Tax Provisions

IRS announces Form 1099-K delay, too What’s become a bit of a holiday tradition, Congress engaged in its end of year procrastination to complete…

“Build Back Better” Gets a New Life and a New Name as Manchin Changes Gears

Nearly a year ago, Congress embarked on a journey to push an infrastructure bill and a separate bill (“Build Back Better” – BBB) focused…

IRS Starts Sending Out Advanced Child Tax Credit Payments

The American Rescue Plan enacted in March this year provided for Advanced Child Tax Credit Payments in 2021. The IRS starts sending these payments…

2020 Elections – Outcomes and Outlook on Taxes

One of the most contested elections in years was completed last week. While several races are still undecided and the results in multiple states…

Update on Payroll Tax Deferral and IRS Guidance

On Monday, August 31, 2020, we provided an overview of the guidance issued by the IRS in Notice 2020-65. This notice addressed the payroll…

President Signs the “Paycheck Protection Program Flexibility Act of 2020” into Law

Capital Corner – Sikich’s Analysis of Tax Developments in Washington WATCH THE WEBINAR On June 5, 2020, the President signed H.R.7010, “The Paycheck Protection…

State Tax Coronavirus Update #2 – Conformity to July 15th Federal Extension

With the official extension of the federal income tax return due date to July 15th the spotlight now turns to the states to see…

Tax Alert: Congress’ Response to Coronavirus – CARES (“Phase 3”) Economic Package Unveiled

On March 19, 2020 Senate Majority Leader Mitch McConnell released a significant economic package. This package is referred to as “Phase 3” as it…

Tax Alert: States Beginning to Provide Tax Relief Due To Coronavirus

Filing tax returns is usually a main concern this time of year for individuals and businesses. With the current Coronavirus crisis, however, taxes seem…

Tax Alert: IRS Formally Extends Date for Tax Payments from April 15, 2020 to July 15, 2020

On March 18, 2020, the IRS issued Notice 2020-17. This notice was the formal guidance that extended the date for making tax payments due…

Tax Alert: Tax Developments Addressing the Coronavirus from Washington

Changes in Economic Climate Due to Coronavirus Lead to Numerous Tax Updates The issue gripping the country now is concern over the 2019 Novel…

“Leap Day 2020” Tax Tips

Every four years comes around the Olympics, a presidential election, and a leap year. With Leap Day falling during tax season, we thought we…

Tax Reform Bill Reforms Tax Methods for Revenue Recognition

The recent “Tax Cuts and Jobs Act” (TCJA) ushered in comprehensive tax reform There were many incentives designed to encourage businesses to be more…

New Illinois Parking Excise Tax Goes into Effect New Year’s Day

Illinois’ statewide tax on parking areas and garages Beginning January 1, 2020, the Parking Excise Tax Act [35 ILCS 525] imposes a statewide tax…

2019 Year-End Tax Legislation Enacted

UPDATE: This tax legislation was signed by the President on December 20, 2019 so it is now enacted into law. The Glitch that Stole…

Looking Ahead to Next Year – IRS Helps Taxpayers See “2020”

On November 6, 2019 the IRS issued inflation-adjusted amounts for various tax items that will apply for the 2020 year On November 6, 2019…

IRS Steps Up Virtual Currency Compliance Initiative

IRS Champing at the “Bit” The IRS recently announced that it has begun mailing out notices to owners of virtual currency (also referred to…