(authored by RSM US LLP) New final regulations include rules for CFCs, depreciation/amortization ‘add-back recapture’ and self-charged interest.
(authored by RSM US LLP) Final regulations address self-charged interest and trading partnerships, but reserve on tiered partnerships and other items.
(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.
(authored by RSM US LLP) A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
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) A recent FASB Staff Educational Paper provides an overview of the accounting guidance for common debt modifications and exchanges.
(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.