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President Biden’s tax plan
Taxpayers should familiarize with Biden’s plan, remain vigilant for developments and position themselves to act at the appropriate times.
PPP forgiveness and expenses: State tax implications
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
Ongoing updates to Coronavirus: Financial reporting considerations
Our coronavirus white paper has been updated for financial reporting matters related to the Consolidated Appropriations Act, 2021.
Employee retention credit significantly expanded for 2021
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
IRS partially finalizes passthrough interest limitation regulations
Final regulations address self-charged interest and trading partnerships, but reserve on tiered partnerships and other items.
ASC 740: Year-end provision considerations for 2020
A roundup of considerations for companies while preparing income tax provisions for the year-ended Dec. 31, 2020.
PPP reopening for first draw borrowers Jan. 11; second draw Jan. 13
Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
SBA releases guidance on PPP second draw loans
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second draw program.
SBA releases guidance on PPP continued access program
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second-draw program.
PPP eligibility expanded to certain section 501(c)(6) organizations
Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
Retirement plans under the Consolidated Appropriations Act, 2021
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
The Consolidated Appropriations Act, 2021
On December 27, 2020, the President signed the Consolidated Appropriations Act, 2021 into law. In this video, we cover the major provisions of the $900 billion stimulus relief package included in the spending bill.
Permanent excise tax breaks for craft brewers, wineries and distillers
Industry backed legislation passed by Congress to make permanent excise tax rate reductions for craft beer, wine, and distilled spirits.
PPP Expense Deductions & Latest COVID-19 Relief Bill
On Monday night, right before the clock struck midnight the Senate finished a vote to approve a second major stimulus package, along with extending general government funding into the fall of 2021.
Congress passes appropriations bill, containing COVID-19 relief bill
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.