The IRS once again addressed the deductibility of eligible Paycheck Protection Program (PPP) loan expenses. On Wednesday November 18th, the IRS released Revenue Ruling 2020-27
(authored by RSM US LLP) The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.
Beginning in January of 2021, the IRS will require businesses to report non-employee compensation using a new Form 1099-NEC. Amounts formerly reported on Form 1099-MISC
(authored by RSM US LLP) The IRS will release proposed regulations confirming the SALT deduction limit will not apply to entity-level taxes imposed on pass-throughs.
(authored by RSM US LLP) Final section 864(c)(8) regulations clarify rules for foreign partners with ECI from transfers of partnership interests.
(authored by RSM US LLP) Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.
(authored by RSM US LLP) The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.