Progress continues on PPP deductibility ‘fix’
Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
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IRS issues interim guidance on backlog of fuel credit claims
The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.
IRS issues guidance on 401(k) and 403(b) Plans
IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
Employment tax obligations are non-delegable as a matter of law
Court of Federal Claims holds delegating the filing, depositing and paying of employment taxes is not reasonable cause excusing penalties.
IRS releases final regulations on like-kind exchanges
The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.
Actuarial valuation: New mortality improvement scale released
A recently released mortality improvement scale should be considered when measuring benefit plan costs and obligations.
Borrower’s accounting for debt restructurings and modifications
A recent FASB Staff Educational Paper provides an overview of the accounting guidance for common debt modifications and exchanges.
SBA publishes loan necessity questionnaire for PPP borrowers
Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.
IRS releases 2021 retirement plan limitations
Many limitations, including the 401(k) elective deferral limit for employee contributions, remain unchanged from 2020 levels.
IRS simplifies partnership tax capital reporting rules
In lieu of an in depth analysis, partnerships may utilize one of three ‘snapshot’ methods to comply with tax capital reporting requirements.
SBA releases procedural guidance for PPP loans in M&A transactions
SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.
IRS issues final regulations on meals and entertainment deductions
The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.
IRS extends time to make 163(j) real property business elections
Provides more time to elect out of 163(j) interest deduction limitation for taxpayers with certain real property or farming businesses.