Federal and Virginia Tax Updates in Response to Coronavirus
…of Taxation (as provided in Tax Bulletin 20-3) to defer the filing of the return and payment of tax due. We understand the Tax Department plans to be liberal in…
…of Taxation (as provided in Tax Bulletin 20-3) to defer the filing of the return and payment of tax due. We understand the Tax Department plans to be liberal in…
…the use tax directly to the Department of Taxation. Consumer use tax returns must be filed only when there is tax to report. Virginia Department of Taxation auditors check on…
…including Americans who live and work abroad, can now wait until July 15, 2020, to file their 2019 federal income tax return and pay any tax due.” Overview of Tax…
…consider amending 2022-2024 tax returns to retroactively claim R&D tax credits, which still presents a powerful monetization opportunity through a direct reduction of federal income tax. Small taxpayers (with less…
…a seller, understanding the tax implications associated with goodwill is crucial. This article delves into the tax treatment of goodwill in transactions structured as asset sales from both perspectives, explores…
…appropriate agency: Form 941, Employer’s QUARTERLY Federal Tax Return (or Form 944, Employer’s ANNUAL Federal Tax Return) Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return Form VA-6, Employer’s Annual…
…Tax disadvantages to self-employment Payroll taxes enacted under the Federal Insurance Contributions Act (FICA) include a 12.4% Social Security tax and a 2.9% Medicare tax. Additionally, there is a 0.9%…
…What is the BPOL tax? The BPOL tax is a local tax on the privilege of doing business within a locality. Localities that impose BPOL taxes must adhere to uniform…
…retail sales tax is in addition to any transient accommodation taxes imposed by the localities. Income Tax Homeowners offering short-term rentals are also subject to federal and state income tax…
By: Ryan Beethoven-Wilson, CPA, Tax Senior Manager | Emerging & Growth Business Team Note: The Virginia Equity and Subordinated Debt Tax Credit, also known as the Angel Investor Tax Credit,…
By Kay Gotshall, CPA, Tax Senior Manager | State and Local Tax Team Virginia and other States’ Conformity to the CARES Act Provisions Tax return filing and payment due dates…
Qualified Retirement Account Tax Planning Opportunities With the 2019 income tax extension deadline passed and as we begin the second half of 2020, giving some thought to project your 2020…