BW INSIGHTS

2021 Iowa Legislative Session - Week Three Summary

By BrownWinick | 01.29.2021

This week Republican lawmakers moved rapidly on two of Governor Kim Reynolds’ highest priorities, with Reynolds signing one of the bills this morning. SF 160 requires all schools to offer 100% in-person learning. Schools can continue offering additional online or hybrid options, and the waiver process for coronavirus outbreaks remains the same.... Read More

2021 Iowa Legislative Session - Week One Summary

By BrownWinick | 01.17.2021

The legislature convened for the 89th General Assembly Monday, welcoming 26 newly-elected lawmakers to the statehouse. With Republicans maintaining their majority in the Senate and expanding it in the House, the GOP will continue driving the state’s policy agenda for the next two years. In his opening remarks, House Speaker Pat Grassley (R-New... Read More

Year-End COVID Relief Legislation Becomes Law During the Holidays

By Christopher Nuss | 12.30.2020

This past Sunday evening (December 27), President Trump signed into law additional COVID-19 relief legislation, agreed to by Congress a week earlier, estimated at $900 billion as part of the Consolidated Appropriations Act, 2021. Much of the relief comes in the form of tax provisions, known as the COVID-Related Tax Relief Act (the Act), the... Read More

IRS Launches Centralized Partnership Audit Website

By William Daniel | 11.19.2020

The IRS recently launched the website for the Bipartisan Budget Act Centralized Partnership Audit Regime (often referred to as “BBA”). This website is intended to be the location for all information related to BBA, including regulations, electronic submission forms, how to elect out of BBA, and what can generally be expected during a BBA... Read More

IRS Updates Guidelines to Allow Deferral of Employer Social Security Tax

By BrownWinick | 07.15.2020

Following the passage of the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the Internal Revenue Service (IRS) has updated their FAQ regarding an employer’s ability to defer Social Security taxes. Now, even employers that have received partial or full forgiveness of their PPP loan may defer the payment of Social Security taxes due... Read More

Reminder On Upcoming Deadlines For Filing Income Tax Returns And Paying Income Tax

By Christopher Nuss | 07.02.2020

Because of the ongoing pandemic, several due dates for filing tax returns and paying tax related thereto have been extended. Click here for details. This is a reminder of certain upcoming filing and payment deadlines for both the Internal Revenue Service (IRS) and the Iowa Department of Revenue (IDOR). Please see the following table and links... Read More

IRS Expands Relief for Qualified Opportunity Zones Due to COVID-19

By Christopher Nuss | 06.16.2020

Qualified Opportunity Funds (“QOF”) were created in 2018 as a new investment vehicle to provide preferential income tax treatment for private investment in certain distressed communities designated as Qualified Opportunity Zones (“QOZ”). Provided the requirements are met, reinvesting proceeds from certain capital gains into QOFs and QOZ businesses... Read More

2020 Legislative Session-Week 1

By BrownWinick | 01.17.2020

The first week of the 2020 Iowa legislative sessionstarted Monday with the swearing-in of a new House Republican leadership team. Rep. Pat Grassley (R-New Hartford) was officially named Speaker of the House, while Rep. Matt Windschitl (R-Missouri Valley) was sworn in as Majority Leader. Grassley listed workforce-related issues as his top concerns,... Read More

Owning a Private Aircraft for Personal and Business Use

By Jonathan Napier | 08.01.2019

Owning a private aircraft personally or through a medical or dental practice may be convenient for taking vacations or attending conferences across the country, but there are important legal, tax, and liability concerns for the aircraft owner. The FAA Regulations govern any owner’s right to use an airplane, but the FAA scrutinizes any arrangement... Read More

How to Raise Money for Your Business - Part 2: Micro-Loans

By BrownWinick | 09.19.2018

Getting a business started is like approaching a massive steel wheel. There are no axels, no motors, just you, an idea and the wheel. The wheel is stationary. Like Atlas, you shoulder the wheel and start to press with all your strength. The wheel budges a little. The more effort you put in, the more the wheel moves. The goal is to have the wheel... Read More