Missouri Enacts Economic Nexus & Marketplace Facilitator Laws

REDW LLC | July 23, 2021

Missouri Governor Mike Parson signed Senate Bills 153 & 97 on June 30, 2021, establishing economic nexus provisions in the state effective January 1, 2023. With the legislation now passed, Missouri becomes the final state to enact such laws. Read more.

Arizona Enacts Entity-Level Income Tax for Partnerships & S Corporations

Jeanna Schenk, CPA | July 20, 2021

House Bill 2838 was signed into law on July 9, 2021 by Arizona Governor Doug Ducey. The law goes into effect for tax years beginning after Dec. 31, 2021 and will allow partnerships and S corporations to elect to pay income tax at the entity level rather than pass the liability to its owners. Read more.

SBA Will Withdraw Requirement for Forms 3509/3510

REDW LLC | July 1, 2021

Any Paycheck Protection Program (PPP) borrower that has already received a request for Form 3509 or Form 3510 from its lender should contact that lender for instructions on how to proceed in light of reports that the SBA will withdraw the requirement for these loan necessity questionnaires. Read more.

Planning for the Unknown: Preparing for the Biden Tax Proposals

REDW LLC | May 25, 2021

Businessman discussing budget report at the meeting

The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year. Read more.

PPP Loan Deduction Safe Harbor Guidance Provided by IRS

REDW LLC | May 5, 2021

New guidance from the IRS and U.S. Treasury Department provides a safe harbor in line with a provision in the Consolidated Appropriations Act, 2021, signed Dec. 27, 2020. Businesses now may deduct those expenses on their original federal tax return for the first taxable year following the 2020 taxable year, rather than filing an amended return or an administrative adjustment request. Read more.

Treasury and IRS Extend Individual Tax Deadline to May 17

REDW LLC | March 18, 2021

It is official: The Treasury Department and Internal Revenue Service have announced that the due date is now May 17 – not April 15 – for individuals filing for the 2020 tax year. Read more.

Businesses Who Took PPP Loan Funds Encouraged to Continue Waiting to File 2020 Tax Return

REDW LLC | March 15, 2021

If you’re a business that secured PPP loan funding over the past 12 months, trusted REDW professionals strongly advise that you continue to wait to file your tax return until after the IRS has clarified these unanswered questions. Read more.

Tax Holidays & CARES Act Conformity in New Mexico

James Ortiz | March 1, 2021

New Mexico’s first session of the 55th State Legislature passed a measure that will provide coronavirus relief for bars and restaurants in the form of a four-month “tax holiday.” Read more.

Exclusivity Period for Smallest Businesses to Access PPP Loans Ends March 9, 2021

Craig Neumann | February 26, 2021

Until Tuesday, March 9, 2021 at 5pm ET, the end of a two-week period, the U.S. Small Business Administration will not accept new applications from lenders for businesses and nonprofits with 20 or more employees, so that lenders can focus on serving smaller companies. Read more.

Claiming the Expanded Employee Retention Credit (ERC)? —Wait to Apply for PPP Loan Forgiveness

REDW LLC | February 12, 2021

Businesses wanting to claim the newly expanded Employee Retention Tax Credit should wait to apply for forgiveness of their Paycheck Protection Program loan—at least until the IRS finalizes rules for the tax credit. Read more.