BW INSIGHTS

45Q Carbon Sequestration Tax Credit: What It Is & How To Get It

By BrownWinick | 07.15.2022

The Carbon Sequestration Tax Credit (commonly referred to as the 45Q Tax Credit) was first added to the tax code in 2008, with subsequent expansions and clarifications in 2018 and 2021. This article will walk you through the basics of what the 45Q tax credit is and how to know if you are eligible to receive it. What is carbon sequestration? Carbon... Read More

Iowa Legislative Session Concludes with a Late Tax Bill

By Christopher Nuss | 06.02.2022

This year’s Iowa legislative session finally concluded late last Tuesday night after going about five weeks longer than scheduled. In addition to the major tax changes passed early in the session, an explanation of which can be found here, one other tax-related bill passed through the House and Senate at the end. The bill resulted in being Senate... Read More

What Changes are Coming to the Iowa Tax Landscape and When?

By Christopher Nuss | 03.04.2022

On March 1, 2022, Iowa Governor Kim Reynolds signed into law House File 2317 (HF 2317), reshaping parts of the State’s tax regime, some of which the Governor touted in her response to President Biden’s State of the Union address later that day. The Governor’s statement on the tax reform bill (the Bill) can be found here. While most of the... Read More

2021 Iowa Legislative Session - Week 17 Summary

By BrownWinick | 05.10.2021

The House Ways and Means Committee unanimously passed a tax proposal last Thursday (HF 893)—the day after the Senate and Governor Kim Reynolds introduced their own compromise bill (SSB 1276). Mental health funding is one of the main differences between the two proposals. Reynolds and the Senate are calling to phase out the mental health property... Read More

2021 Iowa Legislative Session - Week Four Summary

By BrownWinick | 02.05.2021

This week the Senate began considering two far-reaching bills proposed by Governor Kim Reynolds that would address the affordable housing shortage and policing issues. SSB 1142 is aimed at increasing affordable housing stock largely through tax credits. The bill would establish a new $15 million low-income housing credit designed to match a... Read More

2021 Iowa Legislative Session - Week Three Summary

By BrownWinick | 01.29.2021

This week Republican lawmakers moved rapidly on two of Governor Kim Reynolds’ highest priorities, with Reynolds signing one of the bills this morning. SF 160 requires all schools to offer 100% in-person learning. Schools can continue offering additional online or hybrid options, and the waiver process for coronavirus outbreaks remains the same.... Read More

2021 Iowa Legislative Session - Week One Summary

By BrownWinick | 01.17.2021

The legislature convened for the 89th General Assembly Monday, welcoming 26 newly-elected lawmakers to the statehouse. With Republicans maintaining their majority in the Senate and expanding it in the House, the GOP will continue driving the state’s policy agenda for the next two years. In his opening remarks, House Speaker Pat Grassley (R-New... Read More

Year-End COVID Relief Legislation Becomes Law During the Holidays

By Christopher Nuss | 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), the... Read More

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 More

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 More