Archive for August 2020
D.C. Council Eliminates Most QHTC Tax Incentives
The District of Columbia’s Fiscal Year 2021 Budget Support Emergency Act of 2020 (A23-0404), which received Mayoral approval on August 19, 2020, repeals most of the D.C. tax incentives that have been available for Qualified High Technology Companies (QHTC) for almost 20 years. The permanent version of the legislation (B23-0670) has also been signed by…
Read MoreWebinar: Aprio Private Client Services briefing: Ideas and Considerations during COVID-19
The global disruption from COVID-19 has led to innovation and change at an unprecedented pace. Individuals, family offices and businesses able to adapt to these changes are poised to be the long-term winners. Watch Aprio’s webinar as Chief Investment Officer and Director of Aprio Family Office Services provides a market outlook (Wall Street) and the…
Read MoreFederal Reserve Updates Main Street FAQs
On August 24th, 2020, the Federal Reserve Bank of Boston amended both the for-profit and nonprofit organization Main Street Lending Program through issuance of the updated FAQs. Specifically, the Fed provided additional clarity on the use of collateral as part of Main Street loans. This update describes when Eligible Borrower financial information should be provided by…
Read MoreVirginia Rules that Individual is a Dual Resident but is Entitled to Claim a Credit for Taxes Paid to the Other State
Due to the state rules that determine residency for income tax purposes, an individual could be a resident of two states, which can then result in issues with claiming a tax credit for taxes paid to other states. By: Jeff Glickman, SALT Partner Typically, when an individual who is a tax resident of one state…
Read MoreTennessee Rules That Live Online Class is Not Taxable but Self-Paced Online Class Is Taxable
A recent Tennessee ruling addressing the application of sales tax to online live and self-paced education courses highlights that the manner in which a good or service is provided has a direct impact on the taxability of that good or service. In sales tax, taxability determinations are not only focused on what is being sold,…
Read MoreBest Buy Owes Illinois Sales Tax on Installation Contracts
An Illinois Court of Appeals decision concluded that just because Best Buy enters into contracts with customers to install appliances purchased in the stores does not turn the entire transaction into a nontaxable service. By: Jess Johannesen, SALT Manager On August 14, 2020, the Illinois Appellate Court issued an opinion upholding a lower court’s ruling…
Read MoreOhio Concludes that Taxpayer’s Survey Respondents Service is Subject to Sales Tax
As businesses provide more services through technology and software platforms, it becomes essential to consider the sales tax implications, because those services may be subject to tax based on state taxable service classifications. By: Tina Chunn, SALT Senior Manager On July 1, 2020, the Ohio Tax Commissioner (Commissioner) issued an opinion (similar to a letter…
Read MoreThe Deadline for MAAP Repayments is Approaching – Is Your Practice Prepared?
From supply shortages to revenue shortfalls, hospitals and healthcare providers have continued to face unprecedented challenges throughout the COVID-19 pandemic. Congress and the Department of Health and Human Services have offered some assistance in funding, primarily through creating the Provider Relief Fund and through expanding other existing funding programs, like the Medicare Accelerated and Advanced…
Read MorePaycheck Protection Program Update: Don’t Forget the Forgiveness!
Last Updated: August 24, 2020 The Paycheck Protection Program (PPP) was created on March 27, 2020 when President Trump signed the CARES Act. The PPP is a forgivable loan program that ran through August 8, 2020, which was established to assist small businesses nationwide adversely impacted by the COVID-19 emergency, by providing resources needed to…
Read MoreCOVID-19 Pandemic Impact on Subsequent Events Assessment
As we continue to battle the uncertainties of the coronavirus pandemic (COVID-19), economic and business disruptions have been prevalent. They directly impact various aspects of an entities’ operations (production and supply chain disruptions, loss of major customers, closures of locations, employee lay-offs, furloughs, and work restrictions, decrease in consumer spending, among others). All of these…
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