January 5, 2023 Last week, President Biden signed into law a $1.7 trillion omnibus spending bill, the Consolidated Appropriations Act, 2023 (“Act”). The Act includes the SECURE 2.0 Act of 2022, (“SECURE 2.0”). SECURE 2.0 includes a series of retirement provisions designed to increase coverage and savings for both employer-sponsored and individual retirement plans. The
Read More...September 2, 2022 – The IRS has issued Notice 2022-36 which provides penalty relief for taxpayers that failed to file certain 2019 and 2020 tax returns if those returns are filed by September 30, 2022. In addition, the IRS will automatically abate previously assessed unpaid penalties and will refund or credit any previously assessed paid
Read More...August 12, 2022 – Today, the U.S. House of Representatives voted to approve the Inflation Reduction Act (“Act”) of 2022 that the U.S. Senate passed on August 7. The Act will now be presented to President Biden who is expected to sign it into law before the end of the month. The Act contains several
Read More...On November 5, the United States House of Representatives passed the “Infrastructure Investment and Jobs Act” (“Infrastructure Act”, “Act”). The Senate previously approved the bill in August. On November 15, President Biden signed the bill into law. The Infrastructure Act contains relatively few tax provisions. The majority of any potential tax law changes are expected to
Read More...Texas Franchise Tax PPP Forgiveness Exclusion On May 8, 2021, Governor Abbott signed HB 1195, which excludes forgiven Paycheck Protection Program (“PPP”) loans from total revenue for Texas franchise tax purposes. To qualify for the exclusion, the forgiven PPP loan proceeds must not be included in a Taxpayer’s gross income for federal income tax purposes. The legislation applies immediately but only for
Read More...The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the Paycheck Protection Program (“PPP”) that provides loan funding for eligible small businesses. Under the CARES Act, a PPP loan may be forgiven if the borrower uses the proceeds to pay certain cost (including payroll, occupancy, and other specified expenses) during a qualifying payment period beginning
Read More...The IRS announced that it has postponed the due date for individual income tax returns from April 15, 2021 until May 17, 2021. The IRS had previously postponed the due date for various tax filings and payments for Texas, Oklahoma, and Louisiana taxpayers until June 15, 2021 (See “Whitley Penn Tax Alert: IRS Announces Tax
Read More...Yesterday, Congress passed a budget reconciliation bill that includes the “American Rescue Plan Act” (“ARPA”, “Plan”), a $1.9 trillion COVID-19 relief package. President Biden is expected to sign the bill into law this week. The ARPA includes several taxpayer economic relief and individual and business income tax provisions. One of the provisions frequently discussed in
Read More...The Biden Administration announced the implementation of measures to provide economic relief to the smallest U.S. businesses. Under these measures, the Small Business Administration (“SBA”) is offering exclusive access to Paycheck Protection Program (“PPP”) loans to sole proprietors and business and nonprofit entities with fewer than 20 employees for the two-week period beginning February 24,
Read More...Earlier this week, the IRS announced that the deadline for filing and paying various federal income taxes was postponed until June 15, 2021 for Texas residents and businesses (See “Whitley Penn Tax Alert: IRS Announces Tax Relief for Texas Storm Victims” dated February 22, 2021). Yesterday, the Texas Comptroller announced that the due date for
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