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Tax Treatment of Unemployment Benefits
The federal American Rescue Plan Act signed by President Biden in March 2021 provides that up to $10,200 of state unemployment benefits received by individuals during 2020 are excluded from gross...
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RELEASE OF THE 2021 CANADIAN BUDGET
On April 19, 2021, Canada’s Deputy Prime Minister and Minister of Finance, Chrystia Freeland, released the first official budget in the past two years, titled, Federal Budget 2021: A Recovery Plan for...
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Tax Credits Available for Employers Granting Paid Leave Related to COVID-19...
The American Rescue Plan Act of 2021 (ARP) allows certain businesses (generally, employers with fewer than 500 employees and non-federal governmental employers) to claim refundable tax credits as a...
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Tax Changes Under the Ohio Fiscal Year 2022-23 Budget Bill
Ohio Governor Mike DeWine recently signed the fiscal year 2022-23 budget bill, which contains several tax provisions and changes that will affect businesses and their owners. The bill’s general...
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Coronavirus Tax Relief: Treatment of Amounts Paid to Section 170(c)...
The Department of the Treasury and the Internal Revenue Service have extended the treatment provided in Notice 2020-46 to leave-based donation programs and cash payments in connection with such...
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Success-Based Fees: Elect the Safe Harbor or Document Thoroughly
When taxpayers pay fees contingent on the successful closing of certain “covered transactions,” including, for example, taxable acquisitions of assets that constitute a trade or business, such...
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IRS Agents Tighten the Thumb Screws on R&D Credit
Recent taxpayer experiences suggest that IRS agents are becoming more aggressive in denying taxpayer claims of research and development tax credits through narrow construction of the so-called...
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The SALT Cap and State Taxation of Pass-Through Entities
Among the many significant changes in the 2017 Tax Cut and Jobs Act (TCJA), individual taxpayers’ deductions for state and local taxes (SALT deductions) on federal Form 1040 Schedule A were capped at...
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Bill C-208: Intergenerational Business Transfers
On June 29, 2021, Bill C-208 was granted Royal Assent and became law in Canada. Bill C-208 amended the Income Tax Act (Canada) (the “Act”) to provide tax relief to families wishing to transfer shares...
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IRS Independent Office of Appeals
When dealing with the Internal Revenue Service during the initial stages of a tax case, whether it involves an audit, collection issue, request for penalty relief, or a proposed plan of resolution such...
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