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.
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Employee retention tax 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.
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.
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.
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.
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.
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.
Technology, taxation and representation
RSM and PERE magazine discuss how technology is transforming real estate investors’ abilities to scenario plan and evaluate tax obligations.