Tax Law Blog
- Posts by Taylor A. Gast
ShareholderTaylor helps businesses and business owners solve and prevent problems as a member of Foster Swift's Business and Tax practice group. He handles business formation and transactions, tax controversies, employee benefits, and ...
On Friday February 12, the Maryland State Senate voted to override Maryland’s governor to pass a bill creating a tax on annual gross revenues derived from digital advertising services in Maryland. Maryland’s digital advertising tax is the first of its kind in the United States.
For more articles from the June 2020 issue of Business & Tax Law News, click here.
The CARES Act created the Employee Retention Tax Credit (“ERTC”), which is designed to provide financial relief to employers during the COVID-19 pandemic. The ERTC is a refundable tax credit that is credited against an employer’s share of social security taxes for specific wages paid on or after March 12, 2020 and before January 1, 2021. An eligible employer can access ERTC funds by (1) immediately reducing employment tax obligations, (2) applying for an advance payment of the estimated credit, or (3) calculating the final credit amount at the end of the applicable calendar quarter, usually on Form 941. Importantly, an employer that has received a Paycheck Protection Program (PPP) loan cannot also claim the ERTC (unless the employer has repaid its PPP loan by May 14, 2020).
There are several ways to respond to a notice from the Michigan Department of Treasury (“Treasury”) regarding an outstanding tax liability or refund adjustment. The options available to individuals and businesses generally include the following:
1. offer in compromise;
2. informal conference and appeals; and
3. alternative dispute resolution.
This is the fifth in a series of articles written for MICPA members examining the far-reaching impact of the Supreme Court’s decision in South Dakota v. Wayfair, Inc.
This week, the IRS announced that it has selected four private debt collection contractors to begin collecting certain overdue federal tax debts, as required by Congress. The contractors include:
- CBE Group
1309 Technology Pkwy
Cedar Falls, IA 50613 - Conserve
200 CrossKeys Office park
Fairport, NY 14450 - Performant
333 N Canyons Pkwy
Livermore, CA 94551 - Pioneer
325 Daniel Zenker Dr
Horseheads, NY 14845
The contractors' efforts will begin in the spring of 2017, and will be focused only on debts that the IRS had stopped trying to collect. We note three important takeaways in the wake of this news.
