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.
OPEC’s response to a drop in demand
(authored by RSM US LLP) According to recent data, gas prices for consumers peaked in late 2018 as the global manufacturing recession took hold.
IRS extends energy safe harbor for offshore or federal land projects
(authored by RSM US LLP) The continuity safe harbor of the beginning of construction requirement is extended to energy credits for offshore or federal land projects.
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.
Q4 2020 Dealmaker Roundup
(authored by RSM US LLP) An in-depth discussion among PE leaders addressing the effects of COVID-19, technology and a disrupted supply chain on U.S. manufacturing.
Collaborative investing for family offices
(authored by RSM US LLP) Collaborative investing: Partnering with other families, PE and independent sponsors. Watch as four family office leaders share insights.
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 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 in the Energy Sector
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