A detailed look at the Biden administration’s proposed tax measures.
- Massachusetts Accelerates Sales Tax RemittanceAs a part of its 2021 budget bill, Massachusetts now requires certain businesses to make advance payments (i.e., prepayments or accelerated payments) on reported sales tax or room occupancy and meals tax. Effective April 1, 2021, businesses with more than $150,000 in sales tax liability in the previous calendar year are required to remit […]
- 2021 Tax Strategist Webinar SeriesThrough the economic uncertainties of the pandemic, tax executives have increasingly found that their role as a strategic partner has been enhanced in the greater business ecosystem. In order to maximize tax savings and ensure compliance, businesses must engage in conversations with their tax departments year-round for comprehensive tax planning.
- New York State 2022 Budget Decouples Opportunity Zone Tax Benefits from Federal Tax BenefitsThe New York state FY 2022 budget bill signed by Governor Andrew Cuomo on April 19 includes a provision that “decouples” certain state income tax benefits for qualified opportunity zone (QOZ) funds from those provided under federal tax law. The change is effective January 1, 2021. New York State income tax laws historically have conformed […]
- US Proposes Ban on Imports from Uyghur China Presumed to be Made with Forced LaborOn February 18, 2021, the United States announced proposed legislation that would ban the import of goods produced in China’s Xinjiang Uyghur Autonomous Region (XUAR), which are presumed to be made using forced labor. The pending bill, which appears to enjoy bipartisan support, would require that U.S. Customs and Border Protection (CBP) issue a strategy […]
- Paycheck Protection ProgramThe Small Business Administration (SBA) Paycheck Protection Program (PPP) is designed to provide relief to businesses that have suffered from disruptions related to the COVID-19 pandemic. Subject to specific requirements, all or a portion of an SBA PPP loan may be forgiven. However, navigating PPP loan eligibility and loan forgiveness is challenging, particularly as legislative […]
The Coronavirus Aid, Relief and Economic Security (CARES) Act was a rapid response by the…
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