Insights & Resources

New Mexico recently changed the reporting location for its gross receipts tax and compensating tax to destination-based sourcing for most goods and certain services. The changes took effect July 1, 2021.

California Governor Gavin Newsom signed into law budget legislation that includes a workaround of the $10,000 federal cap on state and local tax (SALT) deductions implemented under the Tax Cuts and Jobs Act (TCJA).

The governments of the United States and the U.K. agreed that residents of the U.K., Mexico, and Canada will continue to receive favorable tax treatment under the U.S.-U.K. income tax treaty.

The Biden administration has proposed a number of renewable energy tax incentives in its recently released Green Book on tax proposals for its fiscal year 2022 budget.

The Biden administration has proposed to repeal a number of tax provisions that encourage direct investment in oil and gas properties as a way to offset the costs of extending and expanding clean energy tax provisions.

A recent appeals court decision affirmed that butane is not an alternative fuel and that a mixture of butane and gasoline does not qualify for the alternative fuel mixture tax credit under IRC Section 6426(e).

The U.S. Small Business Administration (SBA) announced that it will accept applications for its new Paycheck Protection Program (PPP) loan forgiveness portal beginning August 4, 2021.

The Small Business Administration (SBA) has discontinued use of the Loan Necessity Questionnaires, which were required for Paycheck Protection Program (PPP) loans of $2 million or more.

The Biden administration has expressed its intention to increase tax revenue without raising taxes by closing the “tax gap,” which is the difference between taxes owed and taxes collected.

Learn about the tax benefits and FAA rules and regulations associated with fractional jet ownership.