Payroll Tax Deferral – Key Considerations

Summary: Employers can allow eligible employees to defer the payment of the employee portion of September 1 – December 31, 2020 Social Security Taxes into the first four months of 2021. Because this is purely a deferral (nothing is expected to be forgiven), the...

Eligibility to Subtract Cost of Goods Sold

Overview On April 3, 2020, the Texas Supreme Court published its opinions on 3 tax cases in connection with a taxpayer’s eligibility to subtract COGS as well as which costs are eligible to be subtracted as COGS for purposes of the Texas Franchise Tax. In Sunstate...

Retirement Plan Provisions of the CARES Act

Retirement Plan Distributions The CARES Act waives the 10% additional tax on early distributions related to the coronavirus from retirement plans and IRAs for amounts not to exceed $100,000 subject to the following rules: Amounts distributed may be repaid at any time...