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Business

USDA Approves Indiana State Hemp Plan for Commercial Growth

On October 22, 2020, the United States Department of Agriculture (“USDA”) approved the Indiana State Hemp Plan (the “Plan”), allowing hemp growers to grow and process hemp commercially in Indiana without obtaining the previously required university research affiliation. Applications for the 2021…

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Businesses That File Indiana Sales and Withholding Taxes Must Transition Accounts to New Indiana Department of Revenue System Starting September 8, 2020

Background

In early September 2019, the IDOR launched the first of four rollouts of a tax modernization project, Project NextDOR, and is launching Phase 2 this month. Project NextDOR’s new technology includes INTIME, a new online e-services portal which will enable Indiana taxpayers to manage their…

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IRS Confirms Payroll Tax Deferral Not Mandatory

In its monthly payroll industry teleconference held on September 3, 2020, the Internal Revenue Service (IRS) confirmed that the payroll tax deferral of the employee portion of the FICA tax described in IRS Notice 2020-65 is not required. Employers may choose to exercise the deferral option but are…

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SBA Issues New Guidance on Loan Forgiveness

On August 4, 2020, the SBA issued guidance in the form of new FAQs regarding loan forgiveness applications for the Paycheck Protection Program. The guidance comes out in anticipation of the SBA accepting loan forgiveness applications beginning August 10, 2020. The FAQs mostly reinforce previously…

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Tax-Exempt Organizations Should be Prepared to File and Pay the Section 4960 Excise Tax on Executive Compensation by July 15, 2020

The Tax Cut and Jobs Act of 2017 (“TCJA”) added Section 4960 to the Internal Revenue Code (the “Code”), which imposes a new 21% excise tax on compensation paid by certain tax-exempt organizations and related parties (the “Excise Tax”). In December of 2018, the Internal Revenue Service (“IRS”)…

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