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Tax Updates

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Businessman-Making-Phone-Call-Sitting-At-Desk-In-Office

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

Reading Time: 8 minutes
  • March 29, 2023
  • Accounting | Tax
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…
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Congress Passes Omnibus Spending Bill Without Key Tax Provisions

Reading Time: 6 minutes
  • December 23, 2022
  • Accounting | Tax
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…
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USA flag. American flag. American flag blowing in the wind

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

Reading Time: 4 minutes
  • July 28, 2022
  • Audit and Tax | Tax
Nearly a year ago, Congress embarked on a journey to push  an infrastructure bill and a separate bill (“Build Back Better” – BBB) focused…
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mom and her little girl having a snack at home; loving mother kissing little daughter who is sitting on kitchen counter with snack of pears next to her

IRS Starts Sending Out Advanced Child Tax Credit Payments

Reading Time: 5 minutes
  • July 16, 2021
  • Accounting | COVID-19 | Tax
The American Rescue Plan enacted in March this year provided for Advanced Child Tax Credit Payments in 2021. The IRS starts sending these payments…
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USA flag. American flag. American flag blowing in the wind

2020 Elections – Outcomes and Outlook on Taxes

Reading Time: 5 minutes
  • November 9, 2020
  • Tax
One of the most contested elections in years was completed last week. While several races are still undecided and the results in multiple states…
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Businessman or student working from home being isolated or keep quarantine 'cause of coronavirus. African-american man using laptop, tablet and headphones. Online conference, lesson, remote office.

Update on Payroll Tax Deferral and IRS Guidance

Reading Time: 7 minutes
  • September 14, 2020
  • Accounting | COVID-19 | Tax
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…
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The United States Capitol Building in Washington DC at sunset

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

Reading Time: 5 minutes
  • June 5, 2020
  • COVID-19 | Tax
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…
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Dramatic sunset over the US capitol in Washington DC

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

Reading Time: 6 minutes
  • March 26, 2020
  • Audit and Tax | COVID-19 | Tax
With the official extension of the federal income tax return due date to July 15th  the spotlight now turns to the states to see…
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Stimulus economic tax return check and US 100 dollar bills currency

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

Reading Time: 10 minutes
  • March 20, 2020
  • Audit and Tax | COVID-19 | Tax
On March 19, 2020 Senate Majority Leader Mitch McConnell released a significant economic package. This package is referred to as “Phase 3” as it…
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State and local income tax written in a note

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

Reading Time: 3 minutes
  • March 20, 2020
  • Audit and Tax | COVID-19 | Tax
Filing tax returns is usually a main concern this time of year for individuals and businesses. With the current Coronavirus crisis, however, taxes seem…
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Tax extension. Folder with documents and clock.

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

Reading Time: 3 minutes
  • March 18, 2020
  • COVID-19 | Tax
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…
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Tax Alert: Tax Developments Addressing the Coronavirus from Washington

Reading Time: 10 minutes
  • March 17, 2020
  • COVID-19 | Tax
Changes in Economic Climate Due to Coronavirus Lead to Numerous Tax Updates The issue gripping the country now is concern over the 2019 Novel…
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Close up a calendar on February 29 on a leap year

“Leap Day 2020” Tax Tips

Reading Time: 2 minutes
  • February 29, 2020
  • Audit and Tax | Tax
Every four years comes around the Olympics, a presidential election, and a leap year. With Leap Day falling during tax season, we thought we…
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Bar graph showing positive growth

Tax Reform Bill Reforms Tax Methods for Revenue Recognition

Reading Time: 9 minutes
  • February 28, 2020
  • Tax
The recent “Tax Cuts and Jobs Act” (TCJA) ushered in comprehensive tax reform There were many incentives designed to encourage businesses to be more…
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Dealer Vehicles in Stock

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

Reading Time: 4 minutes
  • December 20, 2019
  • Audit and Tax
Illinois’ statewide tax on parking areas and garages Beginning January 1, 2020, the Parking Excise Tax Act [35 ILCS 525] imposes a statewide tax…
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2019 Year-End Tax Legislation Enacted

Reading Time: 7 minutes
  • December 18, 2019
  • Tax
UPDATE: This tax legislation was signed by the President on December 20, 2019 so it is now enacted into law. The Glitch that Stole…
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Wood block 2020 on bank passbook with calculator. Concept of income and budget planning for year 2020.

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

Reading Time: 3 minutes
  • November 14, 2019
  • Tax
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…
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Set of cryptocurrencies

IRS Steps Up Virtual Currency Compliance Initiative

Reading Time: 6 minutes
  • August 29, 2019
  • Tax
IRS Champing at the “Bit” The IRS recently announced that it has begun mailing out notices to owners of virtual currency (also referred to…
Read More
Stethoscope on medical bills and health insurance claim form

Expanded Health Reimbursement Arrangement (HRA) Options Available January 2020

Reading Time: 4 minutes
  • August 16, 2019
  • Tax
An Overview of the Expanded HRA Options The IRS recently published final rules, model notices, and frequently asked questions on new types of HRAs…
Read More
A View of Congress in Washington

Sikich Tax Update: A Legislative Update from Washington as You Head off on Your Summer Vacation

Reading Time: 9 minutes
  • August 7, 2019
  • Audit and Tax | Tax
An Overview of Each Item Addressed by Congress Before the August Recess Summer arrived late in many parts this year, and many folks are…
Read More
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