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 programs that are made to section 170(c) organizations after December 31,
Tax Blog
The Tax Blog published by Dickinson Wright focuses on legal developments and regulatory changes affecting taxation and related compliance issues. It covers topics such as tax incentives for small business investments, regulatory updates on hemp-derived products, cybersecurity requirements impacting government contractors, environmental law decisions related to emissions, and cross-border data transfer regulations. The blog addresses federal and state tax law implications, administrative rulings, and enforcement actions, providing insights relevant to businesses, investors, and legal practitioners navigating complex tax and regulatory landscapes.
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Tax Changes Under the Ohio Fiscal Year 2022-23 Budget Bill
By Brian Bunner
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 effective date is the 91st day after being filed with the…
Tax Credits Available for Employers Granting Paid Leave Related to COVID-19 Vaccinations
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 reimbursement for the cost of providing paid sick and family leave…
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 Jobs, Growth, and Resilience (the “Budget”). The Budget…
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 income. Taxpayers are eligible for the exclusion only if…
2021 MICHIGAN PROPERTY TAX APPEALS
May 31 is the deadline for filing property tax assessment appeals in the Michigan Tax Tribunal on commercial and industrial real property. Assessment notices sent in February show the assessed value and state equalized value which should not exceed 50%…
CTA – A New Reporting Burden for Small and Medium Businesses
At the beginning of, 2021, Congress slipped the so-called Corporate Transparency Act “CTA”), a new business reporting obligation, into the National Defense Authorization Act of 2021. Among other things, the CTA requires every corporation and LLC as well as other…
IRS DELAYS TAX FILING DEADLINE TO MAY 17
By Brian Bunner
The IRS announced late Wednesday, March 17, 2021 that it is moving the federal income tax filing deadline for individuals to May 17, rather than April 15. In its statement, the IRS said that the extended deadline applies to individual…
May I Have a Deduction, Please?
Recently released final regulations under section 162(f) of the Internal Revenue Code of 1986, as amended (the “Code”), make it a necessity to properly draft settlement agreements and court orders between a taxpayer and the government (federal, state or local…
Recent Rulings Highlight Need to Consider Purposes Before Applying for Tax-Exempt Status
Two recent private letter rulings highlight the need to carefully consider an organization’s stated purposes and the provision under Code Section 501(c) that best fits those purposes before applying for exempt status.
In Private Letter Ruling 202102013, the IRS denied…