Brady Ware News

Ohio CAT: Update Federal Relief Act

Ohio Commercial Activity Tax (CAT) Update Federal Relief Act The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress provides federal funding to small businesses, including the Paycheck Protection Program (PPP). Effective June 19, 2020, the loan amount, as well as any portion of loan forgiveness, is not includable in gross receipts for…

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Georgia Conformity to the CARES Act

Georgia Conformity to the Coronavirus Relief Act The Georgia governor signed House Bill 846 on June 30, 2020. Generally, Georgia will conform to most provisions included within the Federal Coronavirus Aid, Relief, and Economic Security (CARES) Act back to 2019 with a couple of exceptions. The state decoupled from two net operating loss provisions. Georgia…

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Have You Done Business in a Foreign Country Because of COVID-19?

Have You Done Business in a Foreign Country Because of COVID-19? The COVID-19 pandemic has significantly limited the ability of many people to travel freely and, in some cases, return to the United States. In Revenue Procedure 2020-30, the IRS recently provided relief to U.S. persons who temporarily did business in foreign countries because of…

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PPP application window extended

Paycheck Protection Program (PPP) application window extended Late yesterday, on July 1, 2020, the U.S. House of Representatives passed S.4116, which provides a five-week extension of the Paycheck Protection Program (PPP) application window. The application window was originally set to expire on June 30, 2020. This bill extends the PPP application deadline from June 30,…

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COVID-19 Crisis May Affect Tax Angles for Rental Property Losses

Economic fallout from the COVID-19 crisis will cause many rental real estate properties to run up tax losses in 2020 — and possibly beyond. Here’s a summary of important federal income tax rules for such losses. What You Can Write Off Rental property owners can deduct mortgage interest and real estate taxes. They can also…

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