Government funding has provided for-profit businesses and nonprofit organizations with a lifeline during the coronavirus pandemic. Those funds kept many doors open for business and allowed scores of workers to keep their jobs, but federal aid comes with distinct, intricate compliance and reporting requirements. If your business or nonprofit received funding provided by relief programs
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Maine’s Educational Opportunity Tax Credit (EOTC) is an incentive program that may benefit Maine-resident taxpayers paying off student loans and working in the State of Maine. The credit was created to promote economic opportunity for Mainers by ensuring access to the training and higher education that higher‐paying jobs require. The incentive is separate from the
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The Mills Administration proposed a compromise to lawmakers to solve the Maine’s issues with conformity to federal tax treatment of Paycheck Protection Program (PPP) funds. Because Maine’s estimated cost to fully conform to federal treatment of PPP loans is $100 million, the supplemental budget Mills submitted for fiscal year 2021 originally proposed the State of
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In a continued joint effort to streamline the Tax Capital Reporting Requirement for partnerships, The U.S. Treasury and IRS recently provided additional penalty relief for the transition to reporting requirements effective for taxable years ending on or after December 31, 2020. The agencies are working to reduce filing complexities and increase transparency and compliance for
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When business owners think of research and development, Big Pharma and large clinical laboratories may come to mind initially. However, R&D can likely be found in the day-to-day operations of most businesses. The way you improve your products and processes can count as R&D too. Since the R&D Tax Credit is the largest tax credit
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