Summary of Tax Proposals Released by House Ways & Means Committee on September 13, 2021
[ad_1] On September 13, 2021, the House Ways and Means Committee released draft legislative text of tax proposals contained in a $3.5 trillion spending and tax package that would advance many of President Biden’s economic and social policies. The tax proposals will be considered and marked up in Committee on September 14 and 15. Democrats […]
IRS Rules for Filing Form 1099-Misc and Form 1099-NEW for the 2020 Tax Year
[ad_1] 1099-MISC & 1099-NEC Below is important information regarding Internal Revenue Service requirements for issuing Form 1099-MISC and Form 1099-NEC for the 2020 tax year. Form 1099-NEC is new for 2020 and is used to report nonemployee compensation formerly reported on Form 1099-MISC. Individuals who conduct a trade or business reported on their individual income […]
Tennessee Department of Revenue to Provide Two TN Sales Tax Holidays in 2020
[ad_1] Mark your calendars! For 2020 only, the Tennessee General Assembly has approved two sales tax holiday weekends to help Tennesseans save money and support the economy amid the COVID-19 pandemic. The first tax-free holiday weekend focuses on clothing and other back-to-school items. It begins at 12:01 a.m. on Friday, July 31, and ends Sunday, […]
Treasury and Federal Reserve Announce Main Street Lending Program For Small and Midsize Businesses
[ad_1] On April 9, 2020, the Department of the Treasury and the Federal Reserve Board announced additional incentives geared toward promoting maximum employment and stabilizing the economy, including a $600 billion low-interest loan program designed to fill in gaps in the recently enacted Small Business Administration’s Paycheck Protection Program (PPP). This program, called the Main […]
Business Tax Relief Under the CARES Act
[ad_1] Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”) on March 27, 2020. The $2.2 trillion price tag for tax relief and incentives for individuals and businesses makes it the most expensive piece of legislation ever passed. Employee Retention Credit The CARES Act grants eligible employers a credit against employment […]
Income Tax Deadline Changes Due to Covid-19 and Information About Changes to Our Office Hours
[ad_1] Changes to Tax Deadlines We continue to closely monitor events surrounding the Coronavirus (COVID-19) pandemic. On March 17, the Treasury Department announced an extension of time, until July 15, 2020, for individual and corporate taxpayers to pay 2019 federal income taxes (see our email update of March 18, 2020). This additional period to pay also applies […]
Update for Our Clients Regarding Tax Deadlines and COVID-19
[ad_1] The Marston Group continues to closely monitor events surrounding the rapidly changing situation involving the Coronavirus (COVID-19) pandemic. We are dedicated to keeping you informed on any changes in federal or state tax deadlines that may affect you. As anticipated, yesterday the Treasury Department announced that the U.S. Government is postponing the April 15 tax […]
Bipartisan SECURE Act for Retirement Plans Included in End-Of-Year Legislation
[ad_1] Just before recessing for the holidays, the House and Senate passed the Consolidated Appropriations Act 2020, which averted a government shutdown that would have begun on December 21, 2019. This legislation included the Setting Every Community Up for Retirement Enhancement act (the “SECURE Act”), which makes several important changes to the rules for retirement […]