Safe Harbor Provides Path Forward to Deducting PPP Loan Expenses
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
IRS releases final regulations on like-kind exchanges
(authored by RSM US LLP) The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.
IRS Introduces New Form 1099-NEC for 2020 Tax Year Reporting
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
IRS confirms that pass-throughs not subject to SALT deduction limit
(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.
What to Expect from Biden’s Tax Policy
The last week has been intense from a political perspective, and we are still in limbo from a tax planning perspective. Usually when we are
IRS issues final regulations for sales of partnership interests
(authored by RSM US LLP) Final section 864(c)(8) regulations clarify rules for foreign partners with ECI from transfers of partnership interests.
2020 state and local tax legislative recap
(authored by RSM US LLP) State tax planning opportunities to consider in light of COVID-19, the resulting economic crisis and evolving tax laws and regulations.
SBA publishes loan necessity questionnaire for PPP borrowers
(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.
IRS releases 2021 retirement plan limitations
(authored by RSM US LLP) Many limitations, including the 401(k) elective deferral limit for employee contributions, remain unchanged from 2020 levels.
The Real Economy: Industry Outlook
(authored by RSM US LLP) Get data-driven economic insights and outlooks on a variety of middle market industries provided by RSM US LLP senior analysts.
2020 year end tax considerations for businesses
(authored by RSM US LLP) Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.
IRS issues final regulations on meals and entertainment deductions
(authored by RSM US LLP) The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.