Insights from Washington: The Wait Continues and Other News
Posted by Sarah Russell on October 11, 2021
Sarah Russell
As negotiations continue on the budget reconciliation package, it appears more and more likely that progressives in Congress will need to scale back President Biden’s original economic agenda. One way Democrats are considering lowering the cost of the package is to enact income eligibility limitations on some of the programs.
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Insights from Washington: Infrastructure & Budget Reconciliation Waiting Game
Posted by Sarah Russell on October 5, 2021
Sarah Russell
Another week has passed without action in Congress. House Democrats delayed an expected vote on the infrastructure bill as it became evident they didn’t have enough votes to pass the Senate-passed bipartisan legislation without further action on the much larger budget reconciliation (Build Back Better) bill. Learn more in today's edition of Insights from Washington.
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Insights from Washington: Infrastructure & Budget Reconciliation Bill News
Posted by Sarah Russell on September 27, 2021
Sarah Russell
Over the weekend the House Budget Committee advanced a draft version of President Biden’s tax and social spending measure, but it remains to be seen whether the package will be brought to a floor vote in the House of Representatives.
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Insights from Washington: Reconciliation Package Update
Posted by Sarah Russell on September 21, 2021
Sarah Russell
Our Insights from Washington week two summary provides an update on the reconciliation package. The House Ways & Means Committee approved its Build Back Better Act tax increase package September 15 after close to 40 hours of debate and mark-up, during which many amendments were proposed, but none were adopted.
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Insights from Washington: House Democrats Propose Tax Increases
Posted by Sarah Russell on September 14, 2021
Sarah Russell
To keep you informed on the latest tax negotiations from Washington, we will be issuing a weekly blog with the current news. Our first installment covers details of the proposed tax increases drafted by House Democrats and released on September 13. Here are some highlights from the summary.
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International Tax Overhaul Draft Legislation Released
Posted by Sarah Russell on August 30, 2021
Sarah Russell
Senate Democrats recently released draft legislation overhauling portions of the international tax regime which is part of the expected $3.5 trillion tax and spending package. Review the proposed legislation and see the direction Congress is heading in regards to international tax changes.
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House Approves $3.5 Trillion Budget Blueprint
Posted by Sarah Russell on August 25, 2021
Sarah Russell
On Tuesday, August 24, the House passed a measure approving a $3.5 trillion budget blueprint, paving the way to advance President Biden’s economic agenda. Significant hurdles remain before a budget bill is passed. We will continue to keep you informed as negotiations continue and draft legislation becomes available.
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Treasury Green Book Offers Look into Biden’s Tax Proposals
Posted by Sarah Russell on June 3, 2021
Sarah Russell
Right before the Memorial Day weekend, the U.S. Treasury released its Fiscal Year 2022 explanation of the various proposals included in President Biden’s “Made in America” tax plan.
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Employers Entitled to Tax Credits for Providing PTO for COVID-19 Vaccines
Posted by Sarah Russell on April 28, 2021
Sarah Russell
The American Rescue Plan Act of 2021 extended the tax credits for employers who provide paid sick and family leave to employees affected by COVID-19. Eligible employers who offer PTO for COVID-19 vaccines can now receive the credit.
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IRS Extends Individual Tax Filing Deadline to May 17
Posted by Sarah Russell and Margaret Amsden on March 18, 2021
Sarah Russell
On March 17, the IRS announced an extension of the April 15 filing deadline to May 17 for individual taxpayers. Learn about the key extension details and other important considerations.
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American Rescue Plan Act: Key Impacts
Posted by Sarah Russell and Margaret Amsden on March 17, 2021
Sarah Russell
Review the key impacts of the $1.9 trillion American Rescue Plan Act, including another stimulus payment and extended unemployment benefits.
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IRS Issues New Guidance on PPP and Employee Retention Credit Eligibility
Posted by Sarah Russell on March 3, 2021
Sarah Russell
The IRS recently issued highly anticipated guidance about PPP and employee retention credit eligibility and qualified wages.
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Employee Retention Tax Credit Updated and Extended by Most Recent Stimulus Package
Posted by Sarah Russell on December 30, 2020
Sarah Russell
The most recent COVID-19 Stimulus Package extended and made some key adjustments to the Employee Retention Credit (ERC) making it likely more business will qualify for the credit.
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COVID-19 Stimulus Bill
Posted by Sarah Russell on December 29, 2020
Sarah Russell
After a surprising delay, on Sunday, December 27 President Trump signed the $900 billion COVID relief bill which was part of the larger annual federal spending package. Here is a summary of the highlights included in the Stimulus portion of the bill.
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What You Need to Know! President-Elect Biden’s Tax Plan
Posted by Sarah Russell on November 9, 2020
Sarah Russell
Now that presumed U.S. President-Elect Joe Biden has been named, many people may be wondering what his tax plan looks like and whether there is anything they can do now to prepare for changes that may be coming. Here are some important highlights of his plan.
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New Interim Final Rule Issued
Posted by Sarah Russell on August 25, 2020
Sarah Russell
The SBA and Treasury issued a new interim final rule on August 24, 2020 with updates regarding owner-employee compensation and forgiveness eligibility associated with Paycheck Protection Program (PPP) forgiveness. Here is a summary of the key updates.
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All Things Considered: Featuring Sarah Russell
Posted by Sarah Russell on June 30, 2020
Sarah Russell
Shareholder Sarah Russell continues her education of the PPP loan during a recent interview on Michigan’s All Things Considered radio program. Sarah led an 9-week live video series on the topic and has been a regular contributor of content related to the CARES Act, the PPP loan and loan forgiveness.
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Paycheck Protection Program Flexibility Act Passed by the Senate!
Posted by Sarah Russell on June 4, 2020
Sarah Russell
It took a little longer than anticipated, but after some back and forth between a few Senators, the Senate passed the Paycheck Protection Program Flexibility Act (The Act) on June 3 with unanimous consent. We expect the President to sign the bill before the end of the week, giving small business more to utilize the funds and achieve full forgiveness.
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Paycheck Protection Program Flexibility Act Passed by the House!
Posted by Sarah Russell on May 28, 2020
Sarah Russell
As expected, the House passed the Paycheck Protection Program Flexibility Act today, May 28, 2020. We were hoping the Senate might act on this in their Pro Forma session today, but it looks like we will have to wait until next week to see how the Senate responds to the bill
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Fixes to Paycheck Protection Program on the Way?
Posted by Sarah Russell on May 21, 2020
Sarah Russell
As small business owners begin to navigate the loan forgiveness portion of the Paycheck Protection Program it has become clear many will not be able to achieve full forgiveness because they will not be able to spend all of the funds in 8-week Covered Period.
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PPP Loan Forgiveness Application & Guidance Released
Posted by Sarah Russell and Tim Hilligoss on May 18, 2020
Sarah Russell
On May 15, 2020, the Treasury and Small Business Administration (SBA) issued long-awaited information on PPP loan forgiveness, including the application for forgiveness and relevant instructions.
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Good News for PPP Loan Borrowers
Posted by Sarah Russell on May 14, 2020
Sarah Russell
As we have previously stated, there is a fair amount of uncertainty regarding all of the rules surrounding the Paycheck Protection Program (PPP). One item which caused concern among many small businesses was the previous SBA guidance regarding the good-faith certification required as part of the PPP application.
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HEROES Act Introduced May 12: Stimulus Package Phase 4
Posted by Sarah Russell on May 13, 2020
Sarah Russell
As we anxiously wait for additional guidance related to the CARES Act and the Paycheck Protection Program (PPP) loan, the House is busy drafting their next round of legislation.
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Senate Passes Additional Paycheck Protection Program (PPP) Funding
Posted by Sarah Russell on April 21, 2020
Sarah Russell
Late this afternoon, the Senate passed a bill that expanded funding for PPP by an additional $310 billion. It also increased funding for the Emergency Injury Disaster Loan (EIDL) program by $60 billion, of which $10 billion is earmarked for grants, and $50 billion for the loan program.
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The CARES Act Fosters Collaboration
Posted by Sarah Russell on April 10, 2020
Sarah Russell
As the leader of the firm’s tax team, Shareholder Sarah Russell has been on the front lines of the CARES Act; particularly the need for accountants and attorneys to collaborate to support the business community.
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CARES Act Video: April 14, Noon to 1pm
Posted by Sarah Russell on April 10, 2020
Sarah Russell
As the largest stimulus package in U.S. history, the CARES Act has generated plenty of conversation. Between the tax filing changes and many different options within the stimulus packages, where should leaders focus first?
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Paycheck Protection Program and Other Financing Options
Posted by Sarah Russell on March 27, 2020
Sarah Russell
The CARES Act provides many benefits, including the Paycheck Protection Program. As promised, here is our detailed analysis of what the program entails.
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CARES Act: Largest Stimulus Package in U.S. History!
Posted by Sarah Russell on March 27, 2020
Sarah Russell
After days of Congressional negotiations, the President signed the CARES Act, the largest stimulus package in U.S. history. Below is an overview of the provisions included in the package...
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New COVID-19 Stimulus Package Results in 5 Key Action Steps
Posted by Sarah Russell on March 27, 2020
Sarah Russell
To help navigate the myriad business disruptions caused by COVID-19, Congress has been busy working on a Stimulus package to help taxpayers. For a deep dive into those topics, please see our article on the Summary of Cares Act.
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Coronavirus Stimulus – Where do we Stand Today?
Posted by Sarah Russell on March 23, 2020
Sarah Russell
As mentioned in recent days, things are changing fast in the wake of Covid-19. There is a lot of information out there, which makes it difficult for business owners to make informed decisions.
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Treasury Extension Revisions
Posted by Sarah Russell on March 22, 2020
Sarah Russell
As the Coronavirus numbers move fast, so does the Treasury Department! On Friday, March 20 the Treasury revised the previous guidance issued.
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2020 IRS Tax Filing Deadline Extended – 3.20.20 Update
Posted by Sarah Russell on March 21, 2020
Sarah Russell
Treasury Secretary Mnuchin announced the IRS has moved the tax filing deadline from April 15 to July 15 to allow taxpayers more time to prepare filings and pay income taxes owed.
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Treasury Announces 90-Day Extension
Posted by Sarah Russell on March 18, 2020
Sarah Russell
Yesterday we let you know the Treasury has announced they were providing a 90-day extension of time to pay taxes owed for many taxpayers. Today the IRS has provided some guidance as to what was included in the extension.
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Coronavirus: Families First Response Act
Posted by Sarah Russell on March 18, 2020
Sarah Russell
Coronavirus has affected almost all facets of life. The stock market has plummeted, schools have closed, church services have been canceled or are being live-streamed, sporting events and concerts are canceled, travel is restricted, and toilet paper has become a scarce commodity.
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Top Considerations for System Integrators with the Tax Cuts and Jobs Act
Posted by Sarah Russell and Tim Finerty on May 1, 2019
Sarah Russell
With the change in tax law, and key court decisions in the past few years, there has never been a better time to reevaluate your ability to qualify and utilize the R&D tax credit.
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Research & Development Funding for Control Groups
Posted by Sarah Russell and Tim Finerty on January 2, 2019
Sarah Russell
A common misconception about the Research and Development Tax Credit for Increasing Research Activities (hereinafter the R&D Credit) arises when control group members share expenses related to qualified research activities; and when the ultimate user or decision maker is not the same entity that conducted the research activities.
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C-Corp vs. S-Corp: Tax Reform and R&E Credits
Posted by Sarah Russell and Tim Finerty on November 2, 2018
Sarah Russell
Before making the decision to change to a corporation, it is important to consider and have a conversation about the R&E Credit.
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Employer Tax Credit for Paid Family and Medical Leave
Posted by Sarah Russell on September 12, 2018
Sarah Russell
Many questions remain about the paid family and medical leave credit, and the IRS plans to provide additional information.
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What the FDII and GILTI Provisions Will Mean to You
Posted by Sarah Russell on June 25, 2018
Sarah Russell
The TCJA has changed the game as it comes to international tax planning and taxpayers should be meeting with international tax advisors to ensure they understand the new rules. Both GILTI and FDII need to calculated and reviewed annually.
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Misconceptions About the Research & Experimentation Tax Credit
Posted by Sarah Russell and Tim Finerty on March 21, 2018
Sarah Russell
Development efforts only need to be new to you to qualify.
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