WARNING: Selling through Amazon in Illinois Could Cost You!

Recently Illinois enacted a rule that requires “marketplace facilitators”1 – companies like Amazon, eBay, and Wayfair, etc. —  to collect and remit Illinois use tax on any sales made or facilitated by them (i.e. sales made through  their “marketplaces”) on behalf of “marketplace sellers” (i.e. parties making sales through these mediums). The purpose of these […]

The IRS Clarifies the Deductibility of PPP-Funded Expenses

The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer […]

Congress Expands COVID-19 Relief

Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic […]

Cares Act – Qualified Improvement Property

The global pandemic caused by the Coronavirus (COVID-19) has impacted nearly every corner of the world and disrupted daily life in an unprecedented manner. At Miller Cooper, we are committed to help you navigate through this by providing you with uninterrupted service and guidance on the best course of action for your individual company needs.  […]

The IRS Announces New COVID-19-Related Assistance for Taxpayers

The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional […]

COVID-19 Response: CARES Act to Provide Billions of Relief Dollars

After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. As of this writing, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has […]

Illinois Extends Filing and Payment Dates of 2019 Tax Returns

Governor JB Pritzker has directed the Illinois Department of Revenue (IDOR) to follow the federal government in providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing and payment deadline for Illinois income tax returns has been extended from April 15, 2020 to July 15, 2020. […]

IRS Confirms Extended Tax Deadline to July 15

The IRS has issued a confirmation of U.S. Treasury Department Secretary Steven Mnuchin’s announcement last week that the 2019 income tax filing deadline is moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19) outbreak. The new deadline is for all “affected taxpayers” (individuals, trusts, estates, partnerships, associations, companies or corporations). […]