Build Back Better – Proposed Tax Law Changes

REDW LLC | October 7, 2021

REDW and REDW Wealth advisors are monitoring developments for concerned taxpayers and their advisors as Congress considers federal tax code changes to support President Biden's Build Back Better spending plan. Read more.

When Buying or Selling a Business, Add SALT to Your Due Diligence Recipe

James Ortiz | August 25, 2021

When you acquire or sell a business, you naturally want to perform your due diligence to identify and analyze any risk associated with the transaction. But have you factored State and Local Tax, or SALT, into the due diligence mix? If not, you may discover that another person’s tax compliance mistakes become your problem. Read more.

Changes to New Mexico Gross Receipts Tax Sourcing Laws for Filing Period Ending July 2021

James Ortiz | August 24, 2021

Effective July 1, 2021 New Mexico has moved to destination-based sourcing from origin-based sourcing. For monthly gross receipts tax filers, gross receipts tax returns due August 25 will be the first gross receipts tax report using the new sourcing rules. Read more.

MTC Adopts New “Internet Rule” Regarding PL 86-272

Jeanna Schenk, CPA | August 16, 2021

On August 4, 2021, the Multistate Tax Commission (MTC) held a vote of their compact and sovereignty member states on the revised “Statement of Information Concerning Practices of Multistate Tax Commission and Supporting States Under Public Law 86-272.” The changes that were voted on are related to a section addressing internet activities, specifically. Read more.

REDW 2021 Firm Update

Steve Cogan | July 30, 2021

In this 2021 mid-year firm update, REDW Managing Principal Steve Cogan provides details on office openings, future work trends and reimagining high quality service. Read more.

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.