Two members of the Senate Finance Committee released a discussion draft of a bipartisan energy tax credit bill Monday that could represent a path forward for Republicans and Democrats. The Energy Sector Innovation Credit Act, proposed by Sen. Mike Crapo, R-Idaho, the top Republican on the committee, and Sheldon Whitehouse,
The Small Business Administration debuted a new program to help small businesses weather the COVID-19 pandemic and prepared to retry a launch of its Shuttered Venue Operators Grant program. The SBA opened a new round of Economic Injury Disaster Loan assistance, known as “Supplemental Targeted Advances,” on Thursday to provide
The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15. The IRS is holding approximately 29 million tax refunds that need to be processed manually because
The CARES Act included sweeping measures designed to incentivize companies — particularly small businesses — not to lay off workers. While the Paycheck Protection Program gets most of the attention, the Employee Retention Credit also provides employers with a generous tax credit for retaining workers. Why didn’t companies try to
The International Public Sector Accounting Standards Board released four proposals Thursday for improving various aspects of government accounting around the world. The exposure draft documents deal with changes in the measurement of assets and liabilities in financial statements; measurement; property, plant and equipment; and non-current assets held for sale and
Senate Finance Committee Chairman Ron Wyden proposed ending existing tax breaks for fossil fuels and creating new incentives for low-and-no carbon energy sources that he said would prune the existing “hodgepodge” of energy tax benefits. Wyden’s plan, which he introduced Wednesday, would offer an alternative approach to President Joe Biden’s
Unfairness in the Tax Code; implementing inclusion; the stimulus and 2021 returns; and other highlights from our favorite tax bloggers. Mind the gap Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): If you’ve thought the $441 million that the IRS has for years cited as the Tax Gap is too low, you are
Representative Josh Gottheimer said a repeal of the $10,000 cap on state and local tax, or SALT, deductions could be offset by cracking down on tax cheats, the first proposal from Democrats as a way to pay for revival of a valuable tax break. The New Jersey Democrat said Monday
The Internal Revenue Service is suspending a requirement for taxpayers who received too much on their advance payments for the Premium Tax Credit last year to repay the excess amount. The IRS announced last week that taxpayers who received excess advance payments in 2020 on the tax credit for health
Dixon Hughes Goodman is requesting tax payment relief from the IRS for businesses that are eligible for 2020 employee retention credits for which the tax refunds haven’t yet been received. Taxpayers who claim the ERC are required to reduce their otherwise deductible qualified wages by the amount of ERC credit
