Texas Exempts Forgiven PPP Loans and Other COVID-19 Related Grants From Franchise Tax Businesses will not have to pay Texas franchise tax on forgiven PPP loan amounts and other COVID-19 related grant proceeds. They may exclude qualifying loan and grant proceeds from total revenue on franchise tax reports originally due on or after January 1,…
Governments will reexamine a host of state policies coming off an unprecedented year with building budget challenges. Sales tax is one area that will certainly be on the table as legislatures make difficult decisions about taxes and spending. Many states have already made bold moves when it comes to sales tax in 2021. Changes to…
BATON ROUGE – A state sales tax holiday to provide relief for Louisiana residents recovering from hurricanes Laura and Delta, in addition to the COVID-19 public health emergency, will take place Friday, Nov. 20 and Saturday, Nov. 21. Act 16 of the 2020 Second Extraordinary Session of the Louisiana Legislature exempts the first $2,500 of most…
Michigan – Sales and Use Tax: Personal Protective Equipment Qualifies for Industrial Processing Exempt PPE or safety equipment purchased by a person eligible for the industrial processing exemption is exempt from Michigan sales and use tax if used or consumed in an exempt industrial processing activity. Industrial Processing Exemption PPE or safety equipment is eligible…
On June 2, 2020, Governor Bill Lee announced the use of federal Coronavirus Relief Funds to assist Tennessee small businesses impacted by the COVID-19 crisis. Governor Lee has directed the Tennessee Department of Revenue to issue business relief payments through the Tennessee Business Relief Program to small businesses for costs incurred as a result of…
Texas: When costs increase, many businesses impose additional charges on customer billings, receipts and invoices. Fees and surcharges charged by Texas businesses related to the COVID-19 pandemic are not governmental fees, but charges that businesses have chosen to pass along to recoup the higher costs of goods and services provided to their customers. For Texas…
Texas Comptroller Glenn Hegar announced April 14, 2020, that the Emergency Preparation Supply Sales Tax Holiday is still on. This holiday allows Texans to purchase certain emergency preparation supplies tax-free during the sales tax holiday. This year’s holiday begins at 12:01 am on Saturday and ends at 12:01 am on Monday, April 27. For additional…
March 18, 2020 – ADOR, Alabama, Department of Revenue waived late penalties for sales and use tax for certain small businesses affected by COVID -19. Businesses that earned less than $62,500 in retail sales for the previous calendar year may file their monthly sales tax returns for February, March, and April 2020 without paying the…
CALIFORNIA: Gov. Gavin Newsom on Thursday called for letting small businesses keep up to $50,000 in sales tax receipts for the next 12 months as the pandemic has forced many businesses to close their doors. “No fines, no penalties will be attached, where they can take upwards of $50,000 as a loan and not have…
How we’re responding to COVID-19 At Davis Davis & Harmon LLC, we consider the safety and well-being of our clients and team members to be paramount. Our service and leadership teams have been closely monitoring the global spread of COVID-19 and have been making proactive adjustments to our operations in order to ensure the continued…
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