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  • April 5, 2021

    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.

  • April 2, 2021

    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.

  • March 24, 2021

    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.”

  • March 17, 2021

    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

  • March 6, 2021

    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.

  • February 24, 2021

    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.

  • February 24, 2021

    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.

  • February 22, 2021

    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.

  • February 18, 2021

    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.

  • February 16, 2021

    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.