Remote Working – From a Tax Perspective

As taxpayers are preparing their 2020 income tax returns, several will face questions related to remote working. Can they deduct employment related expenses for new furniture, new equipment, and other items to facilitate working remotely? Can they take a home office deduction? In what state(s) should they file income tax returns? These questions are nothing…
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Pulling Back the Curtain with the Corporate Transparency Act

After experiencing an inability to pass as a standalone bill, the Corporate Transparency Act (“Act”) now finds itself tacked to the National Defense Authorization Act for Fiscal Year 2021, being passed by both the House and Senate with veto-proof majorities, 335-78 in the House and 84-14 in the Senate.[1] Following presidential veto, the Senate voted…
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Tax Considerations – Initiative 65 and Medical Marijuana in Mississippi

In recent elections, Mississippians overwhelmingly voted to pass Initiative 65 legalizing medical marijuana. This paves the way for an entire new business industry to operate in Mississippi, creating opportunities for business owners, investors, and those who serve them. With businesses possibly being allowed to open sometime in the summer of 2021, it will be important…
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President Joe Biden’s Proposed Tax Policy for Individuals

INTRODUCTION In a prior article, Charles J. Allen previously discussed the tax plans of the democratic presidential candidates, while Josh Sage discussed some of Biden’s potential changes here. With the Associated Press calling the presidential race for former vice president Joe Biden on November 7th, time is running short for many taxpayers to take advantage…
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Legislative Update: Mississippi Uniform Estate Tax Apportionment Act

On July 1, 2020, the new Mississippi Uniform Estate Tax Apportionment Act went into effect under Sections 33-46 of S.B. 2851, replacing the old Uniform Estate Tax Apportionment Act under Title 27 Chapter 10 of the Mississippi Code. What does apportionment of estate taxes mean anyway? Apportionment of estate taxes is the determination and allocation…
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Mississippi Adopts Much Needed Updates to Estate, Trust, and Probate Laws

The Mississippi Legislature made some sweeping changes to Mississippi laws governing estates and trusts, as well as one significant change to real property law. With the passage of S.B. 2850 and S.B. 2851, Mississippi is set to get some much needed updates in these areas of law. Both bills were signed by the governor and…
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Refresher on Section 139 – Qualified Disaster Relief Payments

On March 13, 2020, under the Stafford Act, the President issued an emergency declaration as a part of the government’s attempts to mitigate the effects of the COVID-19 pandemic. Since that time, business owners have had a lot to handle including mandatory closures, remote working, issues under preexisting contracts (leases, loans, supply contracts, employment agreements,…
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CARES Act – The $2.2 Trillion Stimulus Package

On Friday, March 26, 2020, history was made. In one fell swoop, Congress dropped $2.2 trillion to keep the United States’ economy going during the COVID-19 epidemic with the passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). With such a lengthy bill, many are wondering what all is contained in the…
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[**Practice Alert: Corporate Transparency Act is Here: What You Need to Know**](https://esapllc.com/practice-alert-cta-mar-2024/)
[**Practice Alert: Corporate Transparency Act is Here: What You Need to Know**](https://esapllc.com/practice-alert-cta-mar-2024/)