The Nebraska Higher Blend Tax Credit Act Application, Form HBTC-A, will be accepted beginning August 1, 2022. Nebraska retail dealers who sold and dispensed E-15 or higher ethanol blends of gasoline at their retail sites during the 2021 calendar year are eligible to receive refundable tax credits. Funds are limited. Complete applications, therefore, will be...

Wednesday, Governor Pete Ricketts signed LB-873 which provides relief from income and property tax. The new law lowers income tax for individuals by 1%, setting the rate at 5.84% by 2027. Further, this legislation will lower tax rates for businesses from 7.5% to 5.84% over the same time period. LB-873 also makes Social Security income...

The world of NOL (net operating losses) rules can be exasperating and confusing, but very useful when they can be applied. To fully utilize all the advantages of NOLs, here are a some of the critical rules we must consider when addressing your audit/tax strategic plan: + Under the TCJA – federal NOLs arising in...

R&D Credit Claims on Amended Returns There are new documentation requirements for R&D refund claims on amended returns filed after January 10, 2022. The purpose of the new documentation requirements is to initially determine the validity of the claim for an R&D refund credit before examining the claim on its merits.Now the taxpayer must: +...

The IRS has clarified how corporate taxpayers should be calculating their charitable contribution deductions and the use of charitable contribution carryovers. Further, the IRS has clarified the ordering rules with respect to the interplay between charitable contributions and prior year net operating losses (NOLs). To prevent doubling up on tax benefits, IRS Code Section 170(d)(2)(B)...

Have you analyzed, or spoken to your Gardiner + Company partner, or manager, about this tax credit? The ERC was improved during 2021 to reach more businesses and help more Americans stay employed. The ERC is: + A refundable payroll tax credit + Available to for-profit and not-for-profit businesses + Subject to two tests –...