Sales and use tax process reviews: Now is the time
The COVID-19 pandemic has increased the risk of noncompliance in an evolving sales and use tax compliance landscape.
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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.
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.
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 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.