2021 Iowa Legislative Session Ends with Flurry of New Tax Rules

By: Christopher Nuss | 06.14.2021

  On May 19, 2021, the Iowa Legislature closed this year’s session by passing a 60-page tax bill consisting of 28 divisions addressing a plethora of topics, resulting in an estimated cut in taxes of $1 billion over the next eight years. This article does not attempt to cover each of the upcoming tax changes; Read…

Year-End COVID Relief Legislation Becomes Law During the Holidays

By: Colin Hendricks | 12.30.2020

  This past Sunday evening (December 27), President Trump signed into law additional COVID-19 relief legislation, agreed to by Congress a week earlier, estimated at $900 billion as part of the Consolidated Appropriations Act, 2021. Much of the relief comes in the form of tax provisions, known as the COVID-Related Tax Relief Act (the Act), Read…

IRS Launches Centralized Partnership Audit Website

By: William Daniel | 11.19.2020

  The IRS recently launched the website for the Bipartisan Budget Act Centralized Partnership Audit Regime (often referred to as “BBA”). This website is intended to be the location for all information related to BBA, including regulations, electronic submission forms, how to elect out of BBA, and what can generally be expected during a BBA Read…

IRS Updates Guidelines to Allow Deferral of Employer Social Security Tax

By: BrownWinick | 07.15.2020

  Following the passage of the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the Internal Revenue Service (IRS) has updated their FAQ regarding an employer’s ability to defer Social Security taxes. Now, even employers that have received partial or full forgiveness of their PPP loan may defer the payment of Social Security taxes due Read…

Reminder On Upcoming Deadlines For Filing Income Tax Returns And Paying Income Tax

By: Christopher Nuss | 07.02.2020

Because of the ongoing pandemic, several due dates for filing tax returns and paying tax related thereto have been extended. Click here for details. This is a reminder of certain upcoming filing and payment deadlines for both the Internal Revenue Service (IRS) and the Iowa Department of Revenue (IDOR). Please see the following table and Read…

IRS Expands Relief for Qualified Opportunity Zones Due to COVID-19

By: Christopher Nuss | 06.16.2020

  Qualified Opportunity Funds (“QOF”) were created in 2018 as a new investment vehicle to provide preferential income tax treatment for private investment in certain distressed communities designated as Qualified Opportunity Zones (“QOZ”). Provided the requirements are met, reinvesting proceeds from certain capital gains into QOFs and QOZ businesses offers taxpayers the following tax incentives: Read…

Iowa Tax Update for COVID-19

By: BrownWinick | 05.07.2020

  Filing and Tax Payment Extensions to July 31, 2020 and Possibly January 31, 2021 The Iowa Department of Revenue has extended the tax return filing and payment deadline to July 31, 2020 for certain individual, composite (nonresident partners), partnership, corporate, S corporation, fiduciary (not including Iowa Form 706 Inheritance Tax returns), franchise, and moneys Read…

COVID-19 – Additional Employer Funding Sources

By: Cynthia Boyle Lande | 04.09.2020

  Many businesses are asking questions about new SBA loans available under the Paycheck Protection Program (PPP). Oftentimes businesses are not aware of other new resources available in the form of refundable advance tax credits — reimbursing the cost of employee wages paid in connection with COVID-19. In many cases, the credits available can exceed Read…

The CARES Act – How Could It Impact Your Tax Situation?

By: Christopher Nuss | 03.30.2020

  Late Friday, March 27, President Trump signed the third stimulus package (the Coronavirus Aid, Relief, and Economic Security (or CARES) Act) with an estimated cost of $2 trillion to help offset the effects of the COVID-19 virus. The Act contains many tax-related provisions for both businesses and individuals. Of most importance are the following, with Read…

Employer Payroll Tax Credits for COVID-19

By: Christopher Nuss | 03.23.2020

  Updated 4/1/2020 On March 18, 2020, President Trump signed the “Families First Coronavirus Response Act” into law. The law, which will go into effect on a date chosen by the Treasury Secretary (no later than April 2, 2020), creates two new federally-required employee benefits. BrownWinick has previously written about the new law in detail. Read…