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…
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…
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…
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…
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…
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,…
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…
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…
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…
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). …
The IRS announced today that taxpayers affected by the winter storms that struck Texas beginning on February 11, 2021 are eligible for relief for filing and paying certain 2020 and 2021 federal income taxes. The relief is available to affected taxpayers in the covered disaster…
On December 27, 2020, the “Consolidated Appropriations Act of 2021” was enacted into law. (See Whitley Penn Tax Alert: “Congress Passes Legislative Package that Provides Additional Coronavirus Relief” dated December 22, 2020). Included as part of this legislation, the “Economic Aid to Hard-Hit Small Businesses,…
On December 27, 2020, the “Consolidated Appropriations Act of 2021” was enacted into law. (See Whitley Penn Tax Alert: “Congress Passes Legislative Package that Provides Additional Coronavirus Relief” dated December 22, 2020). Included as part of this legislation, the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and…
Late last night, following several days of contentious negotiations, Congress approved the “Consolidated Appropriations Act of 2021” (“Act”) which includes a legislative package that provides an additional $900 billion of pandemic relief for American taxpayers. The Act also includes an additional $1.4 trillion of funding for…
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the Paycheck Protection Program (“PPP”) that provided loan funding for qualifying small businesses. Under the CARES Act, a PPP loan may be forgiven if the borrower uses the proceeds to pay specified expenses (including payroll costs,…
Federal income taxes are an important consideration for voters in the 2020 presidential election next week. This alert summarizes the federal income tax proposals included in the tax plans of President Donald Trump and former Vice President Joe Biden. Individual Income Tax RatesUnder current law, individual…
On Thursday, September 3, the IRS stated in a payroll industry teleconference that the employee FICA tax deferral implemented by President Donald Trump through an executive order is optional (see below for the original Whitley Penn tax alert regarding the payroll tax deferral). On the conference…
On August 8, President Trump issued an executive action directing the Treasury Department to defer the withholding and payment of the employee portion of FICA tax on wages paid from September 1, 2020 to December 31, 2020. The executive order required the Treasury to provide guidance…
SBA Releases PPP Loan Forgiveness Interim Final Rule The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the Paycheck Protection Program (“PPP”) that provided loans for qualifying small businesses. Under the CARES Act, proceeds received by a borrower from a PPP loan may be forgiven…
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the Paycheck Protection Program (“PPP”) that provided loan funding for qualifying small businesses. Under the CARES Act, the proceeds received by a borrower from a PPP loan may be forgiven if the borrower uses the proceeds…
Congress Passes PPP ExtensionThe U.S. House of Representatives unanimously passed a five-week extension of the Paycheck Protection Program (“PPP”) on Wednesday, July 1. The House action follows the Senate’s approval of a five-week extension on Tuesday night. The bill will now be sent to President Trump who…
Last week, the U.S. House of Representatives overwhelmingly passed the Paycheck Protection Program Flexibility Act of 2020 (“Act”). On Wednesday, the U.S. Senate approved the bill and it will now be sent to President Trump to sign into law. The Act modifies several provisions of the Paycheck…
May 18, 2020 – The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the Paycheck Protection Program (“PPP”) that provides funding for small businesses financially impacted by the COVID-19 pandemic. Loans made under the PPP are eligible for forgiveness if the proceeds are used for…
May 14, 2020 – The SBA previously issued guidance as part of its Paycheck Protection Program (“PPP”) FAQs clarifying the requirement that loan applicants provide a good-faith certification that the loan was necessary because they were adversely affected by the coronavirus pandemic. (See the Whitley Penn Tax…
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act established the Paycheck Protection Program (“PPP”) that provided loan funding for qualifying small businesses. Under the CARES Act, the proceeds received by a borrower from a PPP loan may be forgiven if the borrower uses the proceeds…