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At the urging of the Alabama Society of CPAs and other groups, the Alabama Department of Revenue (ADOR) recently issued preliminary guidance on (a) how the new pass-through entity (PTE) tax election interacts with the corporate estimated tax rules, and (b) what happens if a taxpayer paid Alabama income tax on its federal “GILTI” income or on the deemed income resulting from a state or local government or IDA donating land, issuing a site prep grant, etc. to a new or expanding industry. The latter is now taxable under IRC section 118(b)(2) as a result of the Tax Cuts and Jobs Act of 2017 (TCJA).
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The Alabama Department of Revenue (ALDOR) is offering guidance to pass-through entities to help them comply with recent changes in tax law.
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On February 12, 2021, Governor Kay Ivey signed into law Act 2021-1. The following preliminary guidance is being providing in regard to Sections 7 and 8 of the act.
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On March 31, 60 Congressional Representatives signed on to a letter, led by Representative Lloyd Smucker, requesting IRS Commissioner Rettig extend the federal tax filing deadline for first quarter estimated tax payments to May 17, 2021.
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The fine print on the Alabama Department of Revenue’s guidance on the topic said that while it can waive late penalties for payments made by May 17, it is “not authorized to waive interest, and any interest accruing from April 15, 2021, through the actual payment date will be due.”
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States are demanding the Biden Administration clarify a last-minute provision in the latest virus relief package that bars them from using federal benefits to cut taxes
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A $1.9 trillion U.S. coronavirus relief package took a step forward Saturday when the Senate voted 50–49 to approve a bill that will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.
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The AICPA believes certainty and further relief is needed this filing season. As we approach the April 15 filing and payment deadline for the 2020 tax year, many taxpayers and tax professionals continue to struggle to prepare and file tax returns. In a letter sent to Treasury and the IRS on Feb 23, the AICPA urged Treasury and the IRS to consider four things.
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The Alabama Department of Revenue (ALDOR) is offering tax relief to Alabama taxpayers who reside or have a business in federally declared disaster areas where damage was caused by recent winter storms. The tax relief measures mirror IRS measures in the same declared disaster areas.
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Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses.
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The Internal Revenue Service today provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under the COVID-related Taxpayer Certainty and Disaster Tax Relief Act of 2020, these plans now have additional discretion in 2021 and 2022 to adjust their programs to help employees better meet the unanticipated consequences of the public health emergency.
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It is still speculative as to what President Biden will put forward for promoting increased investment in renewable energy. Latham & Watkins attorneys explain how investment funds with a firm grasp of key structural considerations for investment choices in the renewables space will be well positioned to capitalize on any new opportunities.