Navigating the REIT asset tests
(authored by RSM US LLP) Despite their competitive tax advantage, REITs are subject to a complex set of compliance rules which include quarterly asset tests.
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.
New Markets Tax Credit program extended five years
(authored by RSM US LLP) The program, scheduled to expire on Dec. 31, 2020, received a five-year extension under the recent federal spending bill.
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.
The 2020 checklist
(authored by RSM US LLP) Real estate investors are ready to close the books on 2020. Here are 10 smart moves for real estate investors to consider at year’s end.
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
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.