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ARTICLE

USTR Finalizes Section 301 Tariff Hikes on Chinese Imports

September 24, 2024

On September 13, 2024, United States Trade Representative (USTR) Katherine Tai announced the final modifications relating to the statutory review of the tariffs in the Section 301 China investigations, as well as several other actions, including determination of the final Section 301 duty rates covering imports of Chinese-originating goods.

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ARTICLE

Tax-Free Qualified Disaster Relief Payments to Employees in Connection With COVID-19 Will End May 11, 2023

February 7, 2023

COVID-19 national emergency and public health emergency both end May 11, 2023. After this date COVID-19 cannot be the reason to make tax free "qualified disaster relief payment under IRC Sec. 139.

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ARTICLE

2022 Year-End Reminders Regarding Common Fringe Benefits, Special Rules for 2% S Corp Shareholders

November 2, 2022

As 2022 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages.

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ARTICLE

IRS Warns Employers to be Cautious of Schemes and Solicitations Promising Employee Retention Credit Help

October 25, 2022

The IRS on October 19 issued IR-2022-183, warning employers to be wary of promotions for the employee retention credit (ERC) that sound too good to be true. According to the IRS, some third-party firms are taking aggressive or improper positions when it comes to determining eligibility for and calculating the credit.

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ARTICLE

Federal Student Loan Debt Relief Might Influence Employer Education Assistance Programs

August 29, 2022

President Joe Biden on August 24, 2022, announced federal student loan debt relief that is likely to affect many employees with earnings of $125,000 or less ($250,000 for married couples). These employees might qualify for up to $20,000 in federal student loan debt cancellation (if they received a Pell Grant, which is special federal assistance for low-income individuals that does not need to be repaid) and up to $10,000 in debt forgiveness for non-Pell Grant recipients.

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ARTICLE

IRS Extends Retirement Plan Amendment Deadlines

August 11, 2022

The IRS on August 3 announced it would extend by three years the deadline for amending retirement plans or individual retirement arrangements (IRAs) to reflect certain provisions under the SECURE Act, the Bipartisan American Miners Act of 2019 and the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

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ARTICLE

BDO Tax Outlook Survey

March 8, 2022

Our 2022 BDO Tax Outlook Survey polled 150 middle market tax executives to understand the challenges they are experiencing, their outlook on the rapidly evolving global tax landscape and how they are planning to adapt and perform through uncertainty in the upcoming year.

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ARTICLE

Virginia Updates Federal Conformity for 2021 Tax Filing Season

February 28, 2022

On February 23, 2022, Virginia enacted emergency legislation to advance its Internal Revenue Code conformity date to December 31, 2021, to amend Virginia’s treatment of Paycheck Protection Program (PPP) loan expense deductions and to continue to decouple Virginia from various federal provisions, effective immediately.

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ARTICLE

California 2022-2023 Budget Modifies PTE Election and Ends NOL Deductions and Business Credits Suspensions

February 15, 2022

California Governor Gavin Newsom on February 9, 2022, signed various adjustments to the state’s overall budget into law. The legislation contains numerous tax law changes, including modifying the elective pass-through entity tax and conforming California to the federal treatment of certain pandemic-related grants.

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ARTICLE

IRS Announces Relief For Employers Who Took Employee Retention Credit For Fourth Quarter 2021 Wages

December 7, 2021

The IRS on December 6 issued guidance that provides penalty relief for some employers who took advantage of the employee retention credit on fourth quarter 2021 earnings. The ERC was terminated effective Sept. 30, 2021--three months earlier than expected--as part of the recently enacted Infrastructure Investment and Jobs Act.

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