Welcome to Lowndes Taxing Times blog, where our tax attorneys share updates and insights for navigating the complexities of tax law.
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The ERC program, part of Covid relief, allowed businesses to claim payroll tax credits. Misuse led to an IRS moratorium, but now a withdrawal process is available.
The ERC program in Covid relief packages offered refundable payroll tax credits to eligible businesses, but misuse led to IRS warnings and a moratorium on processing claims.
Inflation Reduction Act created Low-Income Communities Bonus Credit Program, offering solar/wind facilities with IRS special allocations up to 20% additional tax credits.
IRS extended individual tax deadline from April 15 to May 17, 2021, as a pandemic relief measure, offering taxpayers extra time.
New COVID relief package permits businesses to deduct expenses covered by forgiven PPP loans, offering potential tax benefits.
The U.S. Treasury and IRS announced proposed regulations exempting pass-through entities from the $10,000 cap on state and local tax deductions, clarifying Tax Cuts and Jobs Act provisions.
The IRS extended the income tax filing deadline to July 15, 2020, from April 15, 2020, and applied the relief to specific gift tax returns as well.
Treasury Secretary Mnuchin shifted the tax filing deadline from April 15 to July 15, granting all taxpayers and businesses extra time without incurring interest or penalties.