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State conformity to federal COVID-19-related tax provisions

Tax Law and News US Capitol

The Tax Foundation recently published “State Conformity to Federal Pandemic-Related Tax Provisions in CARES and ARPA,” a report that summarizes how states have complied with Internal Revenue Code (IRC) income tax provisions in general, as well as to the IRC’s treatment of net operating losses, business interest expenses, forgiven PPP loans, and unemployment compensation benefits. It also presents considerations for state policymakers to keep in mind as they contemplate changes to their conformity statutes related to these provisions.

Download the report to get detailed information you can use in your tax practice, and to help your clients with tax-related issues.