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Both chambers tackled high-profile issues in an eventful week as work began to accelerate in the session's waning days. Proposals advanced regarding medical marijuana, pharmacy benefit management and a state lottery, and work continued on a controversial rewrite of the state's open records law.
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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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Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.
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The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.
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Businesses can temporarily deduct 100% beginning January 1, 2021
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People should be aware of an ongoing IRS-impersonation scam that appears to target educational institutions, including students and staff who have ".edu" email addresses. The suspect emails display the IRS logo and use various subject lines, such as "Tax Refund Payment" or "Recalculation of your tax refund payment." It asks people to click a link and submit a form to claim their refund.
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Social Security and other beneficiaries bring total to more than 156 million payments; VA beneficiaries’ payments to be disbursed on April 14
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Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date.
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PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday.
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The third Economic Impact Payment is different from the first and second payments in several ways.
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The IRS continues to issue the third Economic Impact Payment to eligible individuals. This includes Social Security recipients and other federal beneficiaries who do not normally file a tax return. Most of these payments will be sent electronically and received on April 7.
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The IRS explained the changes to the employee retention credit (ERC) for the first two calendar quarters of 2021 in Notice 2021-23, which amplifies Notice 2021-20. The credit was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L 116-136, and amended by the Consolidated Appropriations Act, 2021, P.L 116-260.