(authored by RSM US LLP) Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax…
(authored by RSM US LLP) After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw…
(authored by RSM US LLP) Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
(authored by RSM US LLP) A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
(authored by RSM US LLP) PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).
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 and…
(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) The IRS will release proposed regulations confirming the SALT deduction limit will not apply to entity-level taxes imposed on pass-throughs.
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…