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

  |  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.
Read More

SBA Will Withdraw Requirement for Forms 3509/3510

  |  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.
Read More

PPP Loan Deduction Safe Harbor Guidance Provided by IRS

  |  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.
Read More