IRS enhances employee retention credit guidance for open questions
Notice 2021-49 provides answers on previously uncertain issues and addresses changes implemented in the American Rescue Plan Act.
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Paid leave for employees impacted by COVID-19 in 2021
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
Interagency statement on model risk management for bank systems
The recent supervisory guidance on the model risk management for bank systems supporting BSA/AML compliance and key points of consideration.
New IRS guidance on ADS recovery period of residential rental property
Guidance provides procedures to implement the retroactive 30-year ADS recovery period for residential rental property.
G7: Groundbreaking steps to a 15% global minimum tax
During conversations on Saturday June 5, 2021, the G7 made historic strides toward multilateral agreement on a 15% global minimum tax rate.
White House releases President’s budget, Treasury Greenbook
Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
IRS will audit more LLCs claiming self-employment tax exemption
IRS warns taxpayers claiming self-employment tax exemption under IRC section 1402(a)(13) to be mindful of adverse Tax Court precedent.
IRS extends May 17, 2021 due date for victims of Tennessee storms
IRS postpones certain filing, payment and other deadlines for taxpayers affected by Tennessee storms, wind, tornadoes, and flooding.
Economic activity accelerates heading into spring
March was another strong month for risk assets, especially in the U.S. as vaccine manufacturing and distribution ramped up.
The American Families Plan & its impact on the real estate industry
Summary of the American Families Plan and the potential impact that it could have on the real estate industry.
President Biden unveils his American Families Plan
Biden’s plan to grow the middle class, expand economic growth to all Americans and leave the US more competitive funded with tax changes.
SBA announces opening date for restaurant program – April 30, 2021
SBA announces opening date for Restaurant Revitalization Fund – Registration on April 30 at 9 am EDT; applications on May 3 at 12 pm EDT.
The IRS provides further guidance on the Employee Retention Tax Credit
The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
IRS expands filing and payment deadline extension
This Alert describes and explains the postponement of certain federal tax filing and payment deadlines in IRS Notice 2021-21.
Senate passes extension of Paycheck Protection Program to May 31
PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
GASB issues Exposure Draft regarding compensated absences
A recent GASB Exposure Draft proposes a unified model for the recognition and measurement of all types of compensated absences.