The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage … Read More
The IRS announced on June 4 that interest rates will decrease for the 3rd calendar quarter starting July 1. The rates will be 3% for overpayments (2% for a corporation), 0.5% for the portion of a corporate overpayment exceeding $10,000, 3% for underpayments, and 5% for large corporate underpayments. Under the Internal Revenue Code, the … Read More
Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses across a variety of industries … Read More
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December … Read More
Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get … Read More
The Treasury and IRS have proposed regs to help businesses claim credits for carbon capture. The regs provide guidance on two new credits for carbon oxide captured using equipment placed in service on or after Feb. 9, 2018. The credits, which were part of legislation enacted in Feb. 2018, would allow up to 1) $50 … Read More
The IRS has provided a safe harbor for taxpayers that develop renewable energy projects. For some projects that began construction in 2016 or 2017, Notice 2020-41 adds an extra year to the 4-year “continuity safe harbor” provided in existing guidance. This is to reflect that COVID-19 has caused delays in the supply chain for components … Read More
A key report to the U.S. Congress will be late, said the Congressional Budget Office (CBO). In a letter to the chairman of the Senate Budget Committee, Sen. Mike Enzi (R-WY) the CBO said its summer update of its 10-year budget and economic projections will be delayed until Sept. 7. The CBO is “working to … Read More
One of the many challenges of operating a not-for-profit organization during the coronavirus (COVID-19) pandemic is that just when you desperately need financial support, many donors are unable to help. Widespread unemployment, stock market volatility and general uncertainty make even dependable donors reluctant to part with their money. Then there’s the fact that donors are … Read More
Don’t mistake your Economic Impact Payment (EIP) for junk mail! The IRS is reminding taxpayers that some people are getting their EIPs in the form of a prepaid debit card, rather than a paper check or direct bank deposit. However, if you haven’t received yours yet, be aware that the EIP debit cards arrive in … Read More