Guidance issued for employers claiming the Employee Retention Credit
(authored by RSM US LLP) Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
Worker Classifications – Where Are We Now, and Where Are We Headed?
When California passed its famed gig worker bill in 2019, businesses all over the nation took notice. This landmark bill required many businesses to convert
Additional section 163(j) final regulations released
(authored by RSM US LLP) New final regulations include rules for CFCs, depreciation/amortization ‘add-back recapture’ and self-charged interest.
IRS partially finalizes passthrough interest limitation regulations
(authored by RSM US LLP) Final regulations address self-charged interest and trading partnerships, but reserve on tiered partnerships and other items.
Proposed accounting for acquired revenue contracts with customers
(authored by RSM US LLP) A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
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
Laying a Firm Foundation for a Successful Digital Transformation
As the construction industry continues to grapple with the effects of the COVID-19 pandemic, some in the industry are looking for digital solutions to help
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
Borrower’s accounting for debt restructurings and modifications
(authored by RSM US LLP) A recent FASB Staff Educational Paper provides an overview of the accounting guidance for common debt modifications and exchanges.
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.
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.
COVID-19 Impact on Asset Impairment
The coronavirus pandemic infused unprecedented levels of uncertainty into our economy. When the virus became more widely spread in March, businesses closed, workers self-isolated, and