Acts
Was the Build Back Better Act passed in 2021?
No
What percent of qualified meals provided by a restaurant are deductible in 2021 & 2022?
100%
How many states have adopted workarounds to the TCJA SALT cap of $10,000? Are there more or less than 20?
There are at least 20 states that will allow a workaround.
With the related CARES act provision expiring: In 2021 - utilization of NOL generated after 1/1/18 will be subject to what percent limitation?
80%
If general per diem rules are followed, what percent of the meal portion of per diem is deductible in 2021 & 2022?
100%
Without official state guidance to the contrary, is the presence of an employee teleworking in a state enough to create nexus in that state?
Yes
The American Rescue Plan Act of 2021 expanded the group of covered employees under section 162(m) to be a total of how many employees?
8 (Not effective until 2026)
With expiration of certain CARES provisions, in 2021 - a company's interest deductions will be limited to what percent of a company's adjusted taxable income?
30%
Without additional legislation, for tax years beginning after 12/31/2021, how will section 174 R&D expenses be required to be treated for tax purposes?
Capitalized & Amortized
As a part of the Consolidated Appropriations Act: In the year book income is recognized for forgiveness of PPP loans, what kind of tax adjustment is needed? (Temp/Perm Favorable/Unfavorable) (Assume calendar year)
Favorable Permanent
What will no longer be included as an addback in determination of Adjusted Taxable Income in calculation of deductible interest as of 1/1/2022?
Depreciation, Amortization, or Depletion
What is the name of the commission that updated their guidance in the third quarter of 2021 regarding a state's ability to impose an income tax on sellers of tangible personal property?
Multistate Tax Commission