Tax MonitorFederal TaxThe Superfund Excise Tax Is Returning Soon for the Chemical Industry.May 16, 2022 Chemical companies need to prepare for the return of an excise tax on chemicals produced or imported that hasn’t been in effect for nearly 30 years. In January 2022, the IRS published Notice 2021-66, related to the Infrastructure Investment and Jobs Act (“IIJA”), which revives the excise taxes imposed on certain chemicals—previously known as the Superfund Chemicals taxes. See https://www.irs.gov/p… 8 Things to Keep in Mind for 2021 Tax FilingMarch 8, 2022 Things to Keep in Mind for 2021 Tax Filing While filing season is well under way for tax year 2021, it is important to keep in mind some of the issues specific to the 2021 tax year and some items that have been carried over from relief packages passed for tax year 2020. A few key issues are discussed below. Return Processing. As the IRS continues to struggle with staffing and processing issues,… Fiduciary Obligations of 401k TrusteesFebruary 3, 2022 The Supreme Court of the United States addressed 401k trustee fiduciary obligations in Hughes v. Northwestern University. For 401k fiduciaries, both employers and investment advisors, the case reaffirms earlier requirements that fiduciaries must monitor each and every investment offering in the plan for performance, fees, and expenses, and they have an obligation to remove imprudent investments,… Save the Date! 2021 West Virginia Tax Institute - October 18th & 19thSeptember 28, 2021 The Seventy-Second Annual West Virginia Tax Institute Meeting will be live streamed on Monday and Tuesday morning, October 18 & 19, 2021 from 9:00 am to 12:00 pm each day. We are still busy finalizing the schedule and speakers for this year’s program. We anticipate that the Program will qualify for approximately 6 hours of CLE/CPE credit, 1.5 of which is in Ethics. The full Program details and… Some Interesting Tax Provision of the Consolidated Appropriations Act of 2021December 29, 2020 There were some long awaited tax changes contained in the Consolidated Appropriations Act of 2021 (the “CAA”), but there were also some interesting additions. For example, the CAA clarified that taxpayers can deduct expenses paid with PPP Loan proceeds overturning the IRS guidance on this issue. This benefit is substantial for taxpayers and effectively increases the PPP Loan proceeds by the amount… IRS Release -- Expenses Covered By PPP Loan Are Not Deductible in 2020 Regardless of the Timing of ForgivenessNovember 19, 2020 The IRS has released guidance on the tax issues related to forgiveness of a PPP loan. In general, under the CARES Act, forgiveness of a PPP Loan is excluded from gross income for federal income tax purposes. The IRS has clarified that expenses covered by PPP Loan proceeds, namely payroll, are not deductible if the PPP Loan is forgiven. IRS Notice 2020-32. NEW IRS GUIDANCE REGARDING § 163(j) LIMITATION OF BUSINESS INTEREST EXPENSE DEDUCTIONSeptember 3, 2020 Business Interest Expense Deduction The 2017 Tax Cuts and Jobs Act revised § 163(j) of the Internal Revenue Code (“Code”) to limit the deduction available for business interest expenses in a taxable year to an amount no greater than the sum of:
Proposed Regulations Provide Guidance on Entities That Can Use Small Business AccountingAugust 31, 2020 Recent IRS proposed regulations outline new accounting method procedures for businesses who want to use the cash method for accounting and how they can qualify to do so under expanded statutory requirements. The IRS recently issued proposed regulations to implement changes made to the permissible accounting method used by small businesses under the Tax Cuts and Jobs Act of 2017 (“TCJA”). While… Involuntary Rollovers – Reg BI - What You Need To Know When Participants Have Balances Of $5,000 Or Less And Don't Take Out Their Monies From Retirement PlansMay 18, 2020 In June 2019, the U.S. Securities and Exchange Commission adopted Regulation Best Interest. Regulation BI (as it is known) imposes a new standard of conduct for broker-dealers when making recommendations of any securities transaction or investment strategy (including account recommendations) to a retail customer. Regulation BI also applies to associated persons of broker-dealers that are natural… An Update on Taxes During COVID-19 - UPDATEDMarch 18, 2020 Breaking News: U.S. Treasury Secretary Steven Mnuchin announced on March 20, 2020 that the IRS is moving Tax Day to July 15, 2020 from April 15. Accordingly, taxpayers can now delay filing and paying taxes until July 15. Taxpayers can also still delay paying first quarter 2020 estimates until July 15. For details click here. The Treasury announced yesterday, March 17, 2020, invoking the… WHAT YOU SHOULD KNOW ABOUT HOW THE SECURE ACT AFFECTS YOU AND YOUR BENEFICIARIESJanuary 23, 2020 The SECURE Act1 makes sweeping changes to the required minimum distribution (“RMD”) rules for retirement accounts. Except for a few types of beneficiaries, it eliminates the most popular tax-advantaged planning feature - the ability of a retirement beneficiary to stretch RMDs over the beneficiary’s life expectancy. The elimination of the stretch fundamentally changes how beneficiaries are taxed… TIPS FOR THE SMALL EMPLOYER: WHAT YOU NEED TO KNOW NOW ABOUT THE SECURE ACT AND YOUR RETIREMENT PLANJanuary 23, 2020 The SECURE Act, signed into law on December 20, 2019, may help alleviate some of the burdens small employers face when providing retirement plans. Here are a few key things you need to know when evaluating what, if any, changes you should make to take advantage of this new legislation. OPEN MULTIPLE EMPLOYER PLANS While Multiple Employer Plans (or MEPs) are not new to the retirement industry, they… |
|
© 2025 Jackson Kelly PLLC. All Rights Reserved.