Archive: Tax

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Home Office Deduction During COVID-19

Historically, the home office deduction has been available to anyone who has had to work from home because their place of employment did not provide an office space. With the Tax Reform Act, effective 2018, the deduction for employees was eliminated. However, the deduction for sole proprietors and partners continues to be available. In response […]
May 18, 2020

D.C. Updates QHTC Regulations

Effective May 1, 2020, the District of Columbia amended its regulations pertaining to Qualified High Technology Companies (QHTCs). The amendments will impact certain taxpayers’ continued eligibility to file District tax returns claiming QHTC benefits. The District will now more strictly interpret the requirements needed to meet the definition of a QHTC. In order to be […]
May 18, 2020

Restaurants and Hotels Should Weigh the Pros and Cons of the PPP Loan Versus the Employer Retention Credit Before May 14th

As congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and signed into law by the President on March 27, 2020, one of the measures within the bill that has gained the most attention is the Paycheck Protection Program (PPP). The PPP loan program was designed to ease some of the economic hardship […]
May 8, 2020

Qualified Improvement Property Changes Under the CARES Act

As businesses and individuals continue to deal with COVID-19 and look to survival and recovery, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has incorporated provisions that could provide some much-needed relief for taxpayers. The amendments made to the rules governing qualified improvement property depreciation will provide some of those benefits to qualifying […]
May 7, 2020

Sales Tax Landscape for SaaS Companies

In June 2018, the U.S. Supreme Court issued its decision in the South Dakota v. Wayfair, Inc. case, paving the way for states to impose a sales tax collection obligation on in-state sales, even if the seller does not have a physical presence in the state. As a result, many software as a service (SaaS) […]
May 5, 2020

Bureau of Economic Analysis (BEA) Survey of U.S. Foreign Direct Investment Form BE-10 Due May 29, 2020

The U.S. Department of Commerce has launched a benchmark survey through the Bureau of Economic Analysis (BEA) that requires all U.S. persons to report a 10% or greater ownership interest in a foreign business enterprise. The BEA defines a business enterprise as “any organization, association, branch, or venture which exists for profit-making purposes or to […]
April 7, 2020

Will COVID-19 Alter Business’s State Tax Footprint?

The COVID-19 outbreak and the efforts to slow the spread of the virus have resulted in many employees working from home indefinitely. While many employees live and work in the same state, there is undoubtedly a portion of the workforce that is now working in a different state than they did prior to COVID-19 altering […]
April 2, 2020

Payroll Tax Credits under Families First Coronavirus Response Act

The Families First Coronavirus Response Act was signed by the president on March 18, giving businesses with fewer than 500 employees the ability to claim refundable payroll credits based on qualifying paid leave—family and medical leave or sick leave—that they provide through December 31. Equivalent credits are available to self-employed individuals based on similar circumstances. […]

Donate Food Inventory During Epidemic and Claim Sizeable Charitable Deductions

As the coronavirus (COVID-19) outbreak continues to spread, restaurants are being restricted to carryout and delivery service, while many others are closing their businesses entirely during this period. As a result, much of restaurants’ food inventory may spoil and end up getting trashed. Restaurant owners should strongly consider donating their food inventory to a charitable […]
March 19, 2020

Tax Payment Deferral Amid COVID-19

On March 18, the Internal Revenue Service and the Treasury Department released the formal guidance (Notice 2020-17) on deferring tax payments amid the coronavirus (COVID-19) pandemic. The guidance allows individual and corporate taxpayers to defer making federal income tax (including self-employment tax) payments due on April 15, 2020 until July 15, 2020, without incurring penalties […]
March 19, 2020