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New Corporate Tax Reporting Requirements for Virginia Announced
Posted by Tarra Curran on Thu, Apr 22, 2021 @ 03:27 PM

On April 7, the Virginia Department of Taxation announced that certain corporations subject to Virginia state income tax must file a one-time report by July 1, 2021. Corporate taxpayers that fail to file the report timely, or make a material misstatement or omission, may be subject to a $10,000 penalty. The purpose of the report is to show the difference between the amount of tax the corporation would pay if it filed as part of a unitary combined group and the amount of the corporation’s tax based on the current filing requirements.

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Topics: Tarra Curran, reporting requirements, Virginia, Virginia Department of Taxation

How Quickly Can President Biden Pass His American Jobs Plan?
Posted by Bill Smith on Thu, Apr 8, 2021 @ 03:58 PM

President Biden recently unveiled his $2.29 trillion dollar plan to invest in transportation infrastructure and other capital projects, The American Jobs Plan (AJP). Although designed to stimulate the economy, the AJP may come with unfavorable tax provisions. Biden’s proposed eight-year AJP would be funded over the next 15 years through increases to corporate taxes and changes to U.S.-international business taxation. These permanent tax increases would offset the cost of the infrastructure and capital projects, and would begin to reduce federal deficits thereafter.

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Topics: Taxes, COVID19, tax extension, Coronavirus, American Jobs Plan, AJP, Reconciliation, Budget Reconciliation

Mass. Governor signs bill that ends state tax on PPP grants for individuals and business owners
Posted by Tarra Curran on Wed, Apr 7, 2021 @ 01:28 PM

The Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and extended by the December 2020 year-end appropriations bill provides a direct incentive for small businesses to keep their workers on payroll. It is backed by the Small Business Administration (SBA) and provides potentially forgivable, low-interest loans for small to medium-sized organizations who can demonstrate expenses were used toward retaining their headcount.

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Topics: Tarra Curran, Independent Contractor, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, PPP Loan, Small Business Administration, PPP Loan Forgiveness, Payment Protection Program

Business Impacts to New England Professional Services Companies: Follow-Up Survey Results
Posted by Bob Smith and Kevin Higgins on Tue, Mar 30, 2021 @ 04:38 PM

The coronavirus pandemic has continued to create unparalleled levels of uncertainty across the U.S. economy and business community. In response, we conducted a follow-up survey of some of the top professional services companies, alongside other private companies, in the Greater Boston area to determine how the impact of COVID-19 has shifted since June, and gauge how local leaders are currently responding to the pandemic.

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Topics: private companies, private company, Bob Smith, survey, Kevin Higgins, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, American Rescue Plan (ARP) Act, ARP Act

2021 Accounting Preview
Posted by Kevin Higgins on Thu, Mar 25, 2021 @ 03:03 PM

As we start a new year, it is important to look ahead to those upcoming accounting standards to plan for their application. Whether a company is a public company that must be prepared for first quarter interim reporting or a private company that needs to plan for its year-end financial statements, accounting standards take time to work through and implement, so it’s advisable to have a roadmap of what changes will affect financial reporting.

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Topics: accounting, private company, Kevin Higgins, COVID19, Coronavirus

IRS Extends Filing Season for Individual Taxpayers to May 17
Posted by Bill Smith on Thu, Mar 18, 2021 @ 06:35 PM

On March 17, the IRS announced that the tax filing and payment due date for individual taxpayers is postponed until May 17. Lawmakers and lobbying groups previously sought a longer postponement, but the additional one month provides welcome relief to many.

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Topics: IRS, Taxes, COVID19, tax extension, Coronavirus, tax day

Business Impacts to New England Private Companies: Follow-Up Survey Results
Posted by Tarra Curran and Larry Kaplan on Thu, Mar 11, 2021 @ 12:59 PM

The coronavirus pandemic has continued to create unparalleled levels of uncertainty across the U.S. economy and business community. In response, we conducted a follow-up survey of some of the top private companies in the Greater Boston area to determine how the impact of COVID-19 has shifted since June, and gauge how local financial leaders across various industries are currently responding to the pandemic.

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Topics: Tarra Curran, Larry Kaplan, private companies, private company, survey, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, American Rescue Plan (ARP) Act, ARP Act

Paycheck Protection Program Extended Through Q2 2021
Posted by Jake McDonald on Wed, Mar 10, 2021 @ 11:30 AM

On March 8, the Federal Reserve announced it is extending its application deadline for Paycheck Protection Program (PPP) loans until June 30, 2021. The announcement that the loan facility that supports the PPP would run through June comes at the end of the temporary restrictions on PPP loan applications. Designed by the Biden administration to give priority access to small businesses, the limitation spanned Wednesday, Feb. 24 through Tuesday, March 9, 2021. During that window, the Small Business Administration was only accepting PPP loan applications from businesses with less than 20 employees.

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Topics: CARES Act, Coronavirus Aid, Relief, and Economic Security Act, PPP, charitable contributions, SBA, loan forgiveness, PPP2

Biden Stimulus Plan Crosses the Finish Line
Posted by Eric Strawder on Wed, Mar 10, 2021 @ 11:25 AM

Despite several obstacles, President Biden’s stimulus plan was successfully shepherded through both chambers of Congress using the tricky budget reconciliation process and was officially signed into law on March 11, 2021. At $1.9 trillion, the American Rescue Plan (ARP) Act is slightly smaller than the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, but is larger than the $920 billion Consolidated Appropriations Act, 2021 (the Act) passed at the end of the last year. The ARP Act follows the general contours of the previous stimulus legislation in that it provides Recovery Rebate payments to individuals, expanded and extended unemployment benefits, and loans and grants for eligible business. However, the tax portions of the ARP Act bear some notable differences from the previous stimulus plans. These differences are discussed in depth below.

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Topics: student loan forgiveness, Eric Strawder, Business Tax Provisions, paid sick time, Paid Family Leave, Employee Retention Credits, Stimulus, Biden, Joe Biden, American Rescue Plan (ARP) Act, ARP Act

The Role R&D Tax Credits Play in Recovery and Realignment
Posted by Michael Corrente on Mon, Mar 8, 2021 @ 10:35 AM

“Pivot” may have been one of the most used terms in 2020 as organizations quickly adjusted to the disruption of the COVID-19 pandemic. Impact on supply chains and physical work environments brought changes to the way of doing things for organizations across the board. To the extent your organization undertook activities that were new or different from what you had done before, you may find you are eligible for an often-generous federal tax credit program for research and experimentation.

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Topics: Michael Corrente, research and development, R&D, research and development tax credit, research and experimentation, R&E

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