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Georgia’s Legislature Enacts Pass-through Entity Tax

On May 4, 2021, Governor Kemp signed House Bill 149 into law. The new law makes Georgia the latest state to circumvent the $10,000 SALT deduction limitation that was established with the 2017 Tax Cuts and Jobs Act. The bill amends the Georgia tax code by allowing electing S-corporations and partnerships to pay Georgia state business income taxes at the entity level rather than passing-through to the owners.Key... Read More

Georgia Extends Tax Deadline

On March 19, 2021, the Georgia Department of Revenue announced that the state of Georgia will automatically extend the 2020 individual income tax filing and payment deadline from April 15, 2021, to May 17, 2021. This aligns with the decision announced earlier this week that the IRS has extended the federal filing date to May 17, 2021. California, North Carolina, North Dakota, and Pennsylvania have also announced... Read More

THE IRS Has Delayed the 2021 Filing Deadline

The IRS has delayed this year's federal tax filing deadline for individuals to May 17, 2021. This change is intended to give taxpayers additional time to meet their tax obligations at a time when many Americans are dealing with financial hardships. There were several other factors that led to the deadline change including the delayed start of filing season, a backlog of still unprocessed returns from last year's... Read More

American Rescue Plan Act Signed into Law

On March 11, 2021, the American Rescue Plan Act was signed into law by President Biden. As we previously reported, the Act includes many provisions intended to stimulate the economy including: Stimulus payments Unemployment aid Increased/expanded Child Tax Credit Tax exemption for student loan forgiveness Extension of the payroll tax credit for paid sick and family leave Extension of the Employee... Read More

Senate Passes American Rescue Plan Act

On March 6, the Senate passed the American Rescue Plan Act of 2021. The $1.9 trillion bill now goes back to the House for expected approval and then will go to President Biden for signature. Legislatures are working to finalize the bill in advance of the March 14 expiration of unemployment aid programs. The Act is intended to stimulate the economy once again with direct payments to taxpayers, extensions of... Read More

New Guidance for PPP Borrowers Claiming the Employee Retention Credit

The IRS has issued guidance regarding the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP). Notice 2021-20 addresses the retroactive changes to the CARES Act resulting from the more recently passed Taxpayer Certainty and Disaster Relief Act of 2020. Under the initial legislation, PPP loan borrowers were ineligible for the ERC. However, the more recent legislation expanded eligibility to... Read More

Taxpayer Certainty and Disaster Relief Act - Residential Rental Property

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (P.L. 116-200), signed into law by President Trump on December 27, 2020, allows a real property trade or business that elects out of the §163(j) business interest expense deduction limitation to depreciate residential rental property placed in service before 2018 over a 30-year ADS recovery period. Previously, a 30-year ADS period only applied to... Read More

Opportunities for Individuals - Consolidated Appropriations Act, 2021

The Consolidated Appropriations Act, 2021 was signed into law on December 27, 2020. The bill is a combination of several Acts that aim to provide economic relief through stimulus payments and extensions of beneficial tax provisions (extenders) that were set to expire on December 31, 2020. Below is a summary of several provisions and extenders that will be particularly important to the 2020 and 2021 federal... Read More

Opportunities for Businesses -Consolidated Appropriations Act, 2021

The Consolidated Appropriations Act, 2021, signed into law December 27, 2020, introduces several new relief opportunities for both businesses and individuals. Below we have highlighted a few of the key aspects of the legislation that will be beneficial to many businesses. Extension of Employer Payroll Credits for Paid Sick and Family Leave Originally part of the Families First Coronavirus Response Act... Read More