Author: Jeffrey Brown
State tax surprises could await unwary online vendors
Jeffrey Brown • February 07, 2022
In 2021, the Multistate Tax Commission (MTC) updated its Statement of Information Concerning Practices of the Multistate Tax Commission and Supporting States Under P.L. 86-272 with guidance addressing online activities. For more than 50 years, P.L. 86-272 has limited a state’s ability to impose income tax on an out-of-state vendor that does nothi ... Read More
Biden’s new tax proposal aims to regulate all paid US tax return preparers
Jeffrey Brown • June 21, 2021
Fuller Landau welcomes President Biden’s tax proposal to vest Internal Revenue Service (IRS) with authority to regulate all paid preparers of US tax returns and establish mandatory minimum competency standards. IRS’ current authority extends only to licensed attorneys, certified public accountants (CPA), enrolled agents (EA) and actuaries. Atto ... Read More
COVID-19: US CARES now allows for carryback of net operating losses
Jeffrey Brown • April 27, 2020
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) amended Internal Revenue Code Section 172(b)(1) to allow carryback of net operating losses (NOL) arising in tax years beginning after December 31, 2017 and before January 1, 2021 (NOL period). The “Carryback Period” includes each of the five taxable years preceding the taxable y ... Read More
COVID-19: IRS announces relief for nonresident individuals affected by COVID-19 travel Restrictions
Jeffrey Brown • April 24, 2020
On April 21, 2020, IRS issued Rev. Proc. 2020-20 setting forth relief for non-resident individuals who may have an inadvertent US income tax filing requirement (form 1040-NR) under the “substantial present test” as a result of remaining in the United States longer than anticipated due to travel disruptions caused by the COVID-19 outbreak. This ... Read More
COVID-19: Learn more about the US government’s Paycheck Protection Program
Jeffrey Brown • April 02, 2020
COVID-19: Learn more about the US Government’s Paycheck Protection Program The US Small Business Administration (SBA)’s Paycheck Protection Program (PPP) was created by The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) to help small businesses impacted by COVID-19. The CARES Act provides $349 billion of funding for SBA lo ... Read More