The Texas Supreme Court Provides Important Guidance in Construing Two Statutory Provisions Dealing with Real Property Work for Texas Franchise Tax Purposes... [ read ]
In one of three recent cases addressing the Texas franchise tax, the Texas Supreme Court held that a company engaged in performing work on offshore oil-and-gas drilling rigs could not claim a cost of goods sold deduction with respect to certain costs incurred with that work, but could exclude payments to subcontractors from total revenue.
TAX STIMULUS PROVISIONS OF THE CARES ACT... [ read ]
In addition to the PPP loan program, the CARES Act has implemented various tax stimulus provisions for individuals and businesses, including retroactive temporary deferral, or modification of certain loss deduction limitations added by the Tax Cuts and Jobs Act.
NAVIGATING THE PAYCHECK PROTECTION PROGRAM LOAN PROVISIONS OF THE CARES ACT (AND INTERIM REGULATIONS)... [ read ]
A key portion of the Coronavirus Aid, Relief, and Economic Security Act ("CARES") is an expansion of the SBA's Section 7(a) loan program aimed primarily at businesses with fewer than 500 employees.
Texas Supreme Court Issues Three Decisions Addressing Various Aspects of the Texas Franchise Tax... [ read ]
In a monumental day for Texas franchise tax, the Texas Supreme Court issued on Friday, April 3rd, three much-anticipated decisions addressing different aspects of the Texas franchise tax.
Recent Microcaptive Letters are an IRS Gift in Disguise... [ read ]
I recently blogged on the IRS' mass mailing of soft-contact letters to microcaptive participants. Although perceived as a nuisance, it is an early Christmas present from the IRS – the gift of time to assess the planning, shore up defenses, and in some instances, to remediate.
Texas Comptroller Delays Implementation of New Policy Regarding the Taxability of Medical Billing Services Until After 2021 Legislative Session... [ read ]
Last week, the Texas Comptroller issued an important memo regarding the taxation of medical billing services. The memo is dated March 19, 2020 and follows up on a prior memo dated November 19, 2019, which had previously announced the reversal of a long-standing Comptroller policy treating medical billing services as nontaxable.
The Texas Comptroller Issues Potential Life-line for Struggling Businesses: But Proceed with Caution!... [ read ]
This week, the Texas Comptroller issued a potential life-line to businesses that are struggling to pay their taxes in light of COVID-19, but taxpayers should proceed with caution.
So You Think the IRS Extended All April 2020 Deadlines? Think Again. **And Again.**... [ read ]
In IRS Notice 2020-18, the IRS automatically extended the April 15, 2020 due date for federal income tax returns and federal income tax payments to July 15, 2020. The IRS made clear, however, that "no extension" is provided for the payment or deposit of any other Federal tax or the filing of any other Federal return. So what stays on the April 2020 to-do list?
IRS Invites En Masse Microcaptive Participants to Amend Returns: Should Taxpayers Accept?... [ read ]
In a move that some might consider tone-deaf, the IRS has done a mass mailing to microcaptive participants, boasting of its wins in Tax Court, and inviting taxpayers to amend prior year returns to remove the Federal tax benefits claimed relative to their captive insurance planning. Do taxpayers accept this invite and if not, how should they respond to this IRS letter?
UPDATED: So You Think the IRS Extended All April 2020 Deadlines? Think Again. **And Again.** And Again.**... [ read ]
In IRS Notice 2020-18, the IRS automatically extended the April 15, 2020 due date for federal income tax returns and federal income tax payments to July 15, 2020. The IRS made clear, however, that "no extension" is provided for the payment or deposit of any other Federal tax or the filing of any other Federal return. So what stays on the April 2020 to-do list?
