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Congress passes law containing PPP tax fix; second-draw program

Congress passes law containing PPP tax fix; second-draw program

After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Congress passes appropriations bill, containing COVID-19 relief bill

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.
Progress continues on PPP deductibility ‘fix’

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.
Employment tax obligations are non-delegable as a matter of law

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

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.
SBA publishes loan necessity questionnaire for PPP borrowers

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 simplifies partnership tax capital reporting rules

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.
2020 year end tax considerations for businesses

2020 year end tax considerations for businesses

Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.
SBA releases procedural guidance for PPP loans in M&A transactions

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

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

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.
5 features of tax deductions for energy efficiency

5 features of tax deductions for energy efficiency

If your company owns or leases energy-efficient commercial buildings, you may be eligible for a deduction for associated property costs.