KBKG Tax Insight: The American Rescue Plan Extends Employee Retention Tax Credits

03/12/2021

On Thursday, March 11th, President Biden signed the American Rescue Plan Act (ARPA) into law. The historic $1.9 Trillion stimulus package expands COVID-19 relief for individuals, families, local governments, and businesses. Specifically, the plan includes updates to the Employee Retention Tax Credit (ERTC), which we have discussed in recent webinars. In this overview, we will … Read More

KBKG Tax Insight: New Illinois Bill Makes R&D Tax Credit More Valuable

02/24/2021

Companies performing qualified research and development activities in Illinois are one step closer to a much-improved state R&D credit.  Historically, companies in Illinois must have experienced an increase in qualified research expenditures (QRE) over the previous three years to receive the state tax credit. Illinois State Representative Tony McCombie has introduced a bill for an … Read More

KBKG Tax Insight: Biden Will Have to Deal With Tax Revenue Shortfall From COVID-19

02/11/2021

As featured in Accounting Today When Joe Biden was inaugurated last month, he assumed all the responsibilities of the American presidency, including tax policy decisions. With the advantage of a Democratic majority in both houses of Congress, his administration will probably pursue tax policy options to raise revenues to offset the deficit attributable to the … Read More

KBKG Tax Insight: Energy Efficiency Tax Incentives Extended and Made Permanent

12/21/2020

After months of negotiations, Congress will pass a $900 billion COVID-relief package along with a$1.4 trillion spending package that funds the government for the 2021 fiscal year. President Donald Trump is expected to sign and enact this bill. In addition to providing a second round of COVID relief, the spending bill includes tax relief for … Read More

KBKG Tax Insight: IRS Releases Guidance on Bonus Depreciation

12/03/2020

On November 6, 2020, the IRS released Revenue Procedure 2020-50 providing guidance on implementing the most recent bonus depreciation regulations. These regulations, issued in September 2020, addressed feedback and slightly revised provisions of the 2019 proposed bonus regulations. Since the Tax Cuts and Jobs Act bonus depreciation rules have changed over the iterations of proposed … Read More