IRS releases Rev. Procs. 2021-48, 2021-49 and 2021-50 to address the treatment of tax-exempt income for PPP loans.
IRS releases Rev. Procs. 2021-48, 2021-49 and 2021-50 to address the treatment of tax-exempt income for PPP loans.
Employers must set compensation policies for remote workers taking into account federal and state tax laws and state legal requirements.
By Dec. 31, 2021, any employer that made COVID-19-related changes to the operation of its cafeteria plan must adopt formal amendments.
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
Investors question whether the potential collapse of China’s heavily-indebted real estate developer is China’s “Lehman Brothers moment.”
Employees working remotely due to the COVID-19 pandemic may result in income tax consequences to both the employee and the employer.
Businesses feeling the economic distress of COVID-19 should consider how to maximize cash flow and stay current with state tax
A sales tax bad debt analysis and review can provide necessary cash flow for many businesses in a distressed economy.
Understanding the myriad of Net Operating Loss rules and regulations is increasing important, especially in a distressed economy.
Taxpayer Advocate Service is wrestling with a backlog of cases trying to navigate the changing environment of the pandemic.
The IRS revises Form 6765 so in 2021 taxpayers cannot use the same wages to calculate both the R&D credit and the employee retention credit.
Access management is evolving as companies move to the cloud. Adaptive access is critical in the changing business landscape.
We have updated two of our white papers to reflect an update in the SBA’s PPP loan FAQ for borrowers and lenders.
Small businesses that experienced losses in 2020 due to COVID-19 are eligible for grants ranging up to $250,000.
Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.
The AICPA has issued recipient accounting guidance for Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants.
Three years after the Wayfair decision, economic sales tax nexus has become the norm, but unanswered questions and numerous issues remain.
Learn practical steps for conducting an internal fraud investigation in the new remote work environment triggered by the COVID-19 pandemic.
HHS recently opened the Provider Relief Fund Reporting Portal and published a related User Guide and FAQ document.
The SBA has formally notified PPP lenders that it no longer will require submission of loan necessity questionnaires. Learn more.
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
The 2021-22 Trends in Private Clubs report highlights many issues that were inconceivable for clubs prior to the COVID-19 outbreak.
Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.
California FTB amends remote worker nexus guidance, teleworking employees will create nexus and exceed P.L. 86-272 protections.
Guidance extends continuity safe harbors for Investment Tax Credit and Production Tax Credit if construction began between 2016-2020.
Notice 2021-42 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
We updated the discussion about certain government assistance in our Coronavirus: Financial reporting considerations white paper.
Provides guidance into the extended approval of exemptions for distilled spirits permittees to facilitate hand sanitizer production.
Partnerships making certain narrow, and specified changes, may not need to file administrative adjustment requests.
COVID-19 legislation permits taxpayers to provide tax-free payments for certain student loan payments through 2025.
Virtual workforce opportunities have allowed employees to become transient, potentially increasing or reducing your state tax obligations.
New legislation and impacts from the coronavirus relief bill and SECURE Act for employers: RSM dives into practical advice for plan sponsors
ARPA requires health plans to provide employees with six months of free COBRA coverage due to hours reduction or involuntary termination.
State and local government entities ensure compliance of successful reimbursement of CARES Act, COVID-19 and other grant expenditures.
Proposals include a $500,000 cap on gain deferral for like-kind exchanges and eliminating stepped-up basis with a $1 million exemption.
SBA announces opening date for Restaurant Revitalization Fund – Registration on April 30 at 9 am EDT; applications on May 3 at 12 pm EDT.
IRS safe harbor for fiscal year taxpayers on accounting period in which to deduct PPP expenses provides choices and certainty.
Jerry Nickelsburg of UCLA Anderson Forecast and Joe Brusuelas of RSM discuss the coming expansion and what it means for the middle market.
After technical issues caused the SBA to shut down the SVOG Portal earlier this month, the Portal will relaunch with a revised application.
Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.
U.S. private equity and venture capital funds with German investors have an additional 6 months to file German partnership returns for 2019.
IRS extended use of digital & electronic signatures for tax forms & documents & use of email for sending/receiving certain documents.
Law enforcement and financial institutions have detected numerous instances of potential frauds related to health care benefit programs.
SBA releases draft application as well as a program guide for the Restaurant Revitalization Fund. Potential applications should review.
The Restaurant Revitalization Fund is coming – SBA website soon to be operational – applicants should be ready.
IRS Issued Notice 2021-24 to extend relief for failure to deposit employment taxes for employers anticipating credits.
Budget bill increases personal and corporate tax rates, enacts a SALT deduction workaround and makes other changes to the tax code.
In this issue, we discuss updates to regulations that may affect you and your retirement plan. Learn more now.
The IASB has extended the application period for the IFRS 16 practical expedient for covid-19-related rent concessions.
Construction firms forced to reduce or cancel operations by jurisdictional order may meet employee retention credit eligibility requirements
Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.
The need for forensic accountants to investigate the financial distress caused by the pandemic will grow in the post-pandemic environment.
The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.
Comprehensive legislation addresses conformity, Paycheck Protection Program expense deduction, CAT exclusions and pass-through withholding.
Near term, headlines for REITs may remain challenging, especially as pandemic recovery efforts ebb and flow. Learn more.
Expanded FAQs further clarify that institutions do not report grant funds paid to students, and students do not include amounts in income.
This Alert describes and explains the postponement of certain federal tax filing and payment deadlines in IRS Notice 2021-21.
Kentucky passes a series of tax bills intended to attract cryptocurrency miners with new exemptions and credits.
PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
What are the top issues for middle market retailers? From labor challenges to business transformation, there’s plenty in the cart.
In response to the pandemic, the Canadian government introduced support programs that could benefit U.S. multinationals.
Our white papers have been updated with more information regarding the accounting for PPP loans and the Employee Retention Credit.
Managing significant tax changes will ensure individuals and businesses are positioned for success for the remainder of 2021 and beyond.
The American Rescue Plan Act of 2021 extends and expands support for exempt organizations affected by the coronavirus pandemic.
American Rescue Plan Act of 2021 creates $28.6 billion grant program for restaurants and other food or beverage service companies.
The American Rescue Plan Act provides significant aid and funding for suffering pension plans, in part through direct financial assistance.
Learn how CARES Act relief can affect current and future awards and timing considerations for government contractors.
$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.
The Pennsylvania Department of Revenue has issued complex guidance for employees claiming home office expense during the pandemic.
Understanding economic conditions and the impact on business risk, as well as the effect of the pandemic and the economic concerns of 2020.
Governor Ned Lamont has signed legislation retroactively providing COVID-related business nexus and personal income tax relief for 2020.
Pandemic highlights the need for better use of data among health care providers. One opportunity is through better use of data analytics.
Despite receipt of PPP loans, hospitality businesses may be eligible for retroactive 2020 and new 2021 credits.
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
RSM identifies five strategies, beyond cost-cutting, for hotel owners and operators to survive the COVID-19-induced downturn.
While we are constructive on near-term markets, we will focus on the rebound in business activity following progress with the vaccine.
RSM submits Comment Letter seeking clarity on interaction of the employee retention tax credit and required disallowance for wage expense.
The Employee Retention Credit provides liquidity benefits for many businesses and was significantly expanded for 2020 and 2021.
Stimulus legislation extends through 2021 the 100% of AGI deduction for itemizers and availability of a deduction for non-itemizers.
Tax bills provide Paycheck Protection Program conformity and revise pass-through entity election for s corporations.
Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.
Colorado enacts law restoring certain deductions related the to the CARES Act for both business and individual taxpayers.
The paycheck protection program (PPP) combined with the Employee Retention Credit (ERC) can help middle market companies achieve liquidity.
Employers can add flexibility to their health flexible spending accounts and dependent care assistance programs per Notice 2021-15.
This webcast offered an executive briefing addressing key financial, regulatory and governance issues for 2021. Learn what we uncovered.
While global economic activity increased in late 2020, the pace of recovery may be poised to moderate sequentially.
The legislation significantly changes the corporate tax system and exempts certain COVID-19 relief from taxation.
Information on the instant asset write-off and tax loss carryback measures in Australia with potential tax savings for clients.
Devaluation caused by the pandemic may turn your company into a PFIC. However, there may be ways to mitigate tax costs.
A consequence of COVID-19 reductions is potential partial plan termination. Learn the requirements of a partial plan termination.
While 2021 may turn into a feeding frenzy for private equity, longer-term investors can remain as selective as they’ve always been.
Learn about strategies to manage your SOX program while facing unprecedented business challenges and changing guidance during COVID-19.
Matt Talcoff, RSM partner and national industry tax leader, and GrowthTV discuss the tax issues family offices should consider in 2021.
RSM and the Association of Corporate Growth discuss the use of technology to enable remote work during a pandemic and the risks to consider.
Our white paper has been updated to reflect recent financial reporting developments resulting from the Coronavirus pandemic.
Electing employers may withhold income tax from employee wages as if the wages were earned from work performed at a primary work location.
The OECD’s guidance illustrates how the pandemic may impact arm’s length results, including lower profits and even losses.
Plan sponsor actions to incorporate the provisions of the SECURE and CARES Acts into their plan documents and plan administration.
Coronavirus: Paycheck Protection Program forgiveness digital automation solutions designed for financial institutions.
Employers impacted by COVID-19 may be eligible for payroll tax credits and deferrals reportable on their quarterly payroll tax returns.
Our coronavirus white paper has been updated for financial reporting matters related to the Consolidated Appropriations Act, 2021.
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
Our article discusses weighting evidence in discerning whether a valuation allowance should be recognized for deferred tax assets.
A roundup of considerations for companies while preparing income tax provisions for the year-ended Dec. 31, 2020.
To be successful, middle market organizations need to start thinking about how to further operationalize their collaboration.
Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed.
Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
Georgia has expanded the state jobs tax credit to apply to businesses hiring telecommuting employees in 2020 or 2021.
SBA releases two PPP reopening guidance packages. The first round of guidance provides information for new PPP borrowers.
SBA releases two PPP reopening guidance packages. The second guidance package provides information for eligible second draw PPP borrowers.
Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
In response to the COVID-19 pandemic, Notice 2021-7 allows taxpayers to switch valuation methods for employer-provided vehicles.
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
RSM’s Jason Kuruvilla provides insights on portfolio management, smart investing and what the impact of COVID-19 means for the future.
The 2021 Consolidated Appropriations Act passes Congress and includes many extended and improved tax credits and incentives.
Potential extension of the financial reporting relief related to TDRs and CECL provided to certain financial institutions in the CARES Act.
The package provides additional funding for the Paycheck Protection Program and allows certain borrowers to draw second round of PPP funding
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Congress passed a $900 billion rescue package that includes funds for midsize companies, direct payments to households and jobless benefits.
Updated emergency regulations and revised guidance explains the duration of COVID-19 nexus and withholding policies.
Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
November displayed the forward-looking nature of markets as global equities reacted positively that a vaccine may be distributed in 2021.
The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.
What should you and your health care organization be watchful for and how can you mitigate these cyber risks?
China has dominated global supply chains, but with rising labor costs, a U.S.-China trade war and the COVID-19 outbreak, this may change.
Companies contemplating a remote workforce should monitor the potential tax changes in states where employees may live and work.
Employers may wish to pay Social Security taxes deferred under the CARES Act before the due date and should consider certain items.
Join leaders from RSM’s financial institutions practice on this webcast for a year-end accounting and tax issues update.
PPP borrowers cannot deduct business expenses funded by a forgiven loan, but additional legislative action could permit such deductions.
PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).
Clarifications have been provided on the interagency statement on loan modifications for customers affected by COVID-19.
The COVID-19 pandemic has increased the risk of noncompliance in an evolving sales and use tax compliance landscape.
IRS clarifies deduction disallowance for expenses funded by PPP and issues safe harbor for borrowers that forgo or are denied forgiveness.
IRS Commissioner rejects blanket COVID-19 penalty relief and instead urges taxpayers to use first time abatement and reasonable cause.
The IRS has updated six questions in their Employee Retention Credit FAQ document on Tribal Governments and PPP loans in acquisitions.
A confluence of trends linked to the pandemic has driven the price of used automobiles up by the quickest monthly gain since 1969.
The Fed remains the only game in town when it comes to providing sustained accommodation to an impaired economy.
The COVID economy and virtual transformation may provide the right opportunity to take control of supply chain management.
IRS Announcement 2020-12 clarifies that lenders need not issue form 1099-C reporting PPP loans eligible for forgiveness under the CARES Act.
The political and social landscape in the oil and gas industry is changing, and companies without an ESG strategy will fall behind.
While guidance for PPP loan forgiveness and accounting continues to create new sets of questions, RSM specialists discuss pressing issues.
Rising COVID-19 cases and a failure from policy makers to pass further fiscal stimulus weighed on equity markets.
The IRS will release proposed regulations confirming the SALT deduction limit will not apply to entity-level taxes imposed on pass-throughs.
Procedural guidance provides taxpayers with an opportunity to apply bonus depreciation regulations retroactively and reconsider elections.
State tax planning opportunities to consider in light of COVID-19, the resulting economic crisis and evolving tax laws and regulations.
Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.
This issue outlines the various funding sources for COVID-19-impacted senior living providers, along with related payment requirements.
RSM put out a guide to answer questions businesses may have about this new program, based on information from the Federal Reserve.
The Coronavirus Aid, Relief and Economic Security (CARES) Act provides options for small and midsize businesses facing liquidity challenges.
For corporations with NOLs that anticipate 2021 income, a change of fiscal year may mitigate the impact of the 80% NOL deduction limitation.
RSM's special report provides insights into how executives consider government guidance, employee readiness, COVID-19 case numbers and more.
The IRS confirmed its taxpayer-unfavorable interpretation of deadline extension provisions for like-kind exchanges affected by COVID-19.
Some exempt organizations that timely filed Form 990 series returns or notices are receiving erroneous auto-revocation notices.
New Hampshire files challenge over Massachusetts regulation taxing telecommuting nonresidents with U.S. Supreme Court.
The FDIC recently issued an Interim Final Rule providing temporary relief for Part 363 audit and reporting requirements.
We have updated our white paper to discuss how MSLP loans should be accounted for by both borrowers and lenders.
Our white paper discusses many relevant matters related to, and the impact of COVID-19 on, goodwill impairment testing.
The CARES Act enacted a temporary suspension of the TCJA’s 80% limitation on the use of NOLs, this will impact FTC and ODL calculations.
Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.
Looming budget shortfalls coupled with tax-related ballot measures in many states could significantly affect 2021.
From raising capital to transitioning to a fund, this three-part series provides everything you need to know about independent sponsors.
The ABA recently addressed the ASC 860 legal isolation criterion for transfers of participating interests in MSLP loans.
SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.
From care experience to regulatory support, children’s hospital leaders talk telehealth strategies at a recent roundtable
Extension of corporate surtax and expanded millionaire’s tax assists New Jersey with significant budget deficit caused by the coronavirus.
As retail bankruptcies persist, companies must understand the impact of bankruptcy as a strategic option for both the business and partners.
Insights for family offices on investment and tax strategies, risk management, and operational considerations in the face of the pandemic.
The AICPA has issued additional technical questions and answers for health care entities related to leasing and CARES Act provisions.
The final version of Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund has been released by the IRS.
As companies develop plans to return to the office, several differences exist in the strategies of small and large middle market businesses.
What are the top business issues and opportunities trending for middle market beauty sector companies in 2020?
The IRS expanded its previous temporary authorization of e-signatures to an additional 7 forms in response to the COVID-19 pandemic.
Our white paper discusses pandemic-related financial reporting issues, including a lender’s accounting for PPP loans.
The AICPA has issued answers to accounting questions regarding certain CARES Act provisions specific to health care entities.
RSM professionals discuss the provisions of business interest deduction limitations (Section 163j) stemming from the TCJA and CARES Act.
Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.
Due to the COVID-19 pandemic, the IRS is expanding the use of e-signatures to reduce the need for in-person contact.
How can corporate boards ensure there is appropriate oversight and that investments are right for their organization?
The COVID-19 pandemic has grounded much of the aviation industry, and airports across the country have suffered significant losses.
Guidance addresses owner-employee ownership thresholds, related party rents and costs for tenants or sub-tenants or home-based businesses.
IRS provides further guidance on managing inventory of unopened mail containing tax payments and relief for bad check penalty.
As construction companies continue to deal with the fallout from COVID-19, they should look toward technology to help grow their operations.
The IRS updated taxpayers on its operations status and recognized the delays in processing check payments due on July 15, 2020.
The Tennessee Department of Revenue issued guidance on the state’s conformity to section 163(j) of the Internal Revenue Code.
RSM speaks with InnFACT Advisors about what the hotel market looks like in the current pandemic environment. Read the interview here.
PPP lender forgiveness portal is open. Additional guidance issued on loan forgiveness and EIDL amounts as well loan review appeal process.
The future of state and local incentives in a post-pandemic economy will be highly influenced by remote workforces – states may act soon.
What makes the shift from Libor challenging is how deep and interwoven it is in every corner of the financial services industry.
An executive order was issued directing the deferral of payroll tax payments. Follow up guidance from the Treasury Department is expected.
As cities slowly awaken from COVID-19 lockdowns regions that rely on auto travel are leading the nascent recovery in the hospitality sector.
The IRS postponed the first quarter filing and payment deadline for federal sporting goods excise taxes until Oct. 31, 2020.
The Small Business Administration’s new FAQ addresses many issues related to forgiveness of Payroll Protection Program loans.
Eligible businesses that did not receive certain other COVID-19 relief may qualify for grants up to $250,000.
New legislation allows nonprofit employers to pay 50% of their unemployment reimbursing payment obligations to states.
The PCAOB recently asked audit committee chairs how COVID-19 has affected financial reporting and the audit process.
The court ruled that DOL regulations unduly restrict paid leave, thus expanding the eligibility of FFCRA paid leave.
The recent COVID-19 global pandemic has led to workers feeling a high level of uncertainty due to the spike in layoffs and unemployment.
For fund managers and investors alike, the pandemic presents short-term challenges, long-term opportunities, and lessons to be learned.
View this on-demand webcast and learn how to navigate top issues affecting the business of delivering health care.
These treasury regulations affirm the statutes the IRS will use to assess, reconcile, and recapture the COVID-19 payroll tax credits.
Treasury proposes clean up to air trans excise tax regulations and rules to exempt payments by aircraft owners to management companies.
Join RSM on this webcast as we discuss the current hospitality landscape and key considerations for owners and operators.
Finalized legislation will evolve but the proposal is a starting point for bipartisan negotiations for a new round of economic relief.
Final regulations generally taxpayer-favorable versus 2018 proposal, additional proposed regulations give guidance on pass-throughs, others.
The IRS clarifies overpayment claims for tax attributes created or released by carrying back an NOL enjoy an extended limitation period.
In response to the COVID-19 pandemic, the CFPB and other regulatory agencies have issued various guidance to assist financial institutions.
How can financial institutions meet the challenge of the rapidly changing digital landscape? RSM surveyed executives for their insights.
Understand financial indicators and red flags of COVID-19 fraud schemes to protect your institution and customer base.
Boards should ensure all key players have the time and information to perform their financial reporting oversight responsibilities.
Coronavirus relief legislation creates tax pathways to boost liquidity for businesses amid economic downturn. Read more.
Seattle payroll expense tax to be imposed on employee compensation of at least $150,000 for businesses with $7 million or more in payroll.
The state will decouple from CARES Act net operating loss, interest expense and excess business losses provisions.
The Federal Reserve Board has established two new loan facilities to expand credit options for nonprofit organizations.
When the COVID-19 pandemic subsides, CEOs will need to take swift action to refocus their energy moving forward.
From industrial to office and retail to hotels, RSM and Preqin discuss how COVID-19 is leaving its mark on property.
Taxpayers that properly secured a first extension may file a request for a second extension on or before Aug. 17, 2020.
Notice 2020-56 extends until Dec. 31, 2020, the due date for CHNAs or implementation strategies due on or after April 1, 2020.
Here are five matters that board members may want to think about prior to their next virtual or socially distant meeting.
TEGE will resume exam activities on July 16, 2020 and will allow agents and managers to exercise discretion in granting IDR extensions.
We have updated our white paper to address certain recent financial reporting developments related to the coronavirus.
Changes to NOL rules under the TCJA and CARES Act are implemented for consolidated corporate groups under new proposed regulations.
The AICPA has issued Technical Question and Answers regarding certain COVID-19-related lender accounting issues.
GASB Technical Bulletin 2020-1 provides financial reporting guidance for issues related to the CARES Act and COVID-19.
Temporary regulations provide election filing procedures to implement retention of NOL tax benefits by acquiring consolidated group.
The 2020-21 Trends in Private Clubs report highlights many issues that were inconceivable for clubs prior to the COVID-19 outbreak.
Congress extends PPP timeline for approved applications through Aug. 8, 2020; SBA releases data set of borrower information.
IRS explains taxability of Provider Relief Fund reimbursements made to health care providers pursuant to the CARES Act.
The revised sales tax nexus standards reduce the current $500,000 threshold to $100,000 beginning Oct. 1, 2020.
Applications to sell unused state net operating losses and state research and development credits available the week of May 1, 2020.
The previous June 30 deadline to carryback 2018 NOLs on Form 1139 and Form 1045 has been extended to July 15.
Revised conformity excludes certain net operating loss and excess business loss provisions effective for 2019 tax years.
COVID-19 EBITDA analyses are imperative. A mutual understanding between a buyer and seller of the financial model assumptions is key
The state will decouple from the taxpayer-friendly interest expense and net operating loss provisions of the federal CARES Act.
We have updated our white paper to address the accounting by lenders for loans entered into under the Paycheck Protection Program.
The SEC recently provided a cross-Divisional update regarding its targeted regulatory relief related to the COVID-19 pandemic.
Due to the COVID-19 pandemic and economic crisis, the IRS will permit employers to adopt midyear amendments to plan contribution formulas.
RSM is pleased to provide a series of webcast discussions that will drill into the operational planning perspective family offices now face.
Expansive tax bill provides taxpayer-friendly changes while balancing reduced tax revenue in the COVID-19 economy.
Fiscal year 2021 budget includes temporary tax changes in order to generate much needed revenue in the COVID-19 economy.
Municipal bonds have a long history of capital preservation in stressful periods and enjoy a number of foundational strengths.
New York enacts legislation further decoupling New York City corporate and UBT taxes from certain CARES Act provisions.
Notice 2020-51 affords welcome additional flexibility for individuals to deal with required minimum distributions they took in 2020.
TTB FAQs allowing for the destruction of beer off brewery premises and waiver of notice of intent to destroy were extended through Sept. 1.
Audit committees play a critical role by overseeing and monitoring the financial reporting process for their organizations.
The SEC Chief Accountant recently addressed the continued importance of high-quality financial reporting in light of COVID-19.
SBA / Treasury release additional changes to Interim Final Rules that further clarify loan forgiveness process.
Delaware notices advise businesses to either participate in the state’s unclaimed property VDA Program or be subject to an audit.
The shift toward remote work is an opportunity for family offices to upgrade technological systems by adopting outsourcing and automation.
The IRS extended the second quarter filing and payment deadline for federal sporting goods excise taxes until Oct. 31, 2020.
Guidance relating to the application of the Cares Act to coronavirus-related distributions and loans from retirement plans.
The IRS issued guidance clarifying the definition of gross receipts for tax-exempt employers utilizing the employee retention credit.
Government contractors are adjusting to delays, change locations or configure telework as facilities shut down.
SBA/Treasury release various guidance items over the past week; updated and streamlined loan forgiveness applications.
How family offices can maximize tax deductions and estate planning objectives during the economic downturn caused by the coronavirus.
In the midst of pandemic and social unrest, companies can make lasting change. This commitment is facing perhaps its greatest test yet.
Join RSM and BetterUp to learn how leadership can be resilient through the COVID-19 crisis and future business interruptions.
The GASB has issued a proposed Technical Bulletin regarding the CARES act and certain outflows related to the coronavirus.
A summary of the guidance entities should apply when evaluating whether there is doubt about ability to continue as a going concern.
The AICPA recently released guidance regarding the accounting for a loan received under the Paycheck Protection Program.
We are in the midst of a pandemic; RSM offers perspectives and insights on how COVID-19 has impacted M&A in the health care sector.
Key strategies to addressing COVID-19 like remote workforce and telehealth services could pose risks to health care organizations, too.
Notice 2020-46 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
Join RSM for a webcast June 11 to help business leaders determine what the changes in legislation means for them.
Depleted trust fund balances due to COVID-19 may cause state legislatures to act now to prevent further reductions.
RSM brings insights to financial institutions on the Main Street Lending Program and the Paycheck Protection Program.
The recent IRS Notice provides relief in the form of flexibility for investment timing and testing periods for QOFs and their investors.
Declining valuations have created a push and pull in the private equity market of whether to sell or hold portfolio companies.
As businesses increase the use of remote workforces, nexus and withholding determinations can greatly complicate state tax compliance.
Senior analysts share key takeaways for hospitals and health systems to address the organizational impact of COVID-19.
Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.
COVID-19 – 4 ways to engage remote workers: How are you keeping your remote teams actively engaged and connected?
IRS FAQs outline procedures for alien individuals in U.S. to claim the medical condition exception to avoid U.S. resident status.
Retroactive law changes found in the CARES Act raise questions on the proper timing for adjusting corporate E&P.
Understand where lapses in your internal controls during COVID-19 amidst the new work environment are and create plan for resolution.
The coronavirus outbreak has become a watershed moment for the private equity (PE) industry—and very quickly.
RSM has created a Coronavirus pandemic timeline of significant events and U.S. government aid (2020). Learn more now.
ASU 2020-05 provides one-year effective date deferrals for certain entities and their adoption of ASC 606 and 842.
Plan participants may use an electronic system facilitating remote notarization or witnessing if executed via live audio-video technology.
Careful attention to transfer pricing policies can help middle market companies identify opportunities in the current market turbulence.
IRS Notice 2020-41 grants an extension to place renewable energy property in service and expands a safe harbor for beginning construction.
The IRS has issued updated questions and answers regarding CARES Act employee retention credits for employers impacted by COVID-19.
Coronavirus: Paycheck Protection Program forgiveness digital automation solutions designed for financial institutions.
Federal contractors who participate, or have subcontractors who participate, in the PPP must consider what the funds mean to them.
Deadlines postponed for certain employment taxes, employee benefit plans, IRAs, HSAs, MSAs and other time-sensitive actions.
Questions and answers about how NOL carryback refund claims should address AMT calculations are now available on the IRS’ website.
Open banking is a regulatory framework that guides how financial institutions create, share and access consumer financial data.
Manufacturers changing over operations in order to create personal protective equipment may be exposed to new state tax liabilities.
Technology subsectors are not immune to the economic shock of COVID-19. However, they could see growth during this perilous environment.
SBA releases authoritative loan forgiveness guidance as well as SBA loan review procedures and borrower responsibility.
Our May 27 webcast will begin at 4 p.m. Eastern time and will focus on the state of the economy as businesses begin to reopen.
Here are five lasting changes for private equity firms that will follow COVID-19 and how deal-making will go on—it just may look different.
Listen to RSM professionals provide insights and resources to help businesses deal with the coronavirus fallout.
New regulations provide guidance on computing unrelated business taxable income that likely will affect most tax-exempt private clubs.
As we continue to navigate uncharted waters during the pandemic, a defined, sustainable remote close process has quickly become a necessity.
Here are some safety and regulatory factors manufacturing business leaders should address as local economies start reopening.
As middle market retailers address reopening and recovery, MMBI data point highlights the need for better business continuity planning.
IRS issues new release detailing limited resumption of certain operations and advising taxpayers on alternatives for inoperative functions.
In response to the COVID-19 crisis, the European Commission has formally proposed the deferral of certain deadlines under DAC6.
From new technologies to supply chain implications, retailers should consider new technologies, supply chain implications and more.
RSM’s white paper has been updated to address the accounting for PPP loans and revolvers with a fluctuating borrowing base.
On May 20, 2020, the FASB approved one-year effective date deferrals for certain entities for ASC 606 and ASC 842.
As the Main Street Lending program rolls out, family offices that are eligible must consider pitfalls of borrowing one.
Industrial companies deal with complicated cash flow scenarios every day. Here’s a look at cash flow considerations during the crisis.
The next webcast in our Coronavirus webcast series will focus on considerations business leaders need to evaluate as remote work continues.
TTB issues new guidance in Q&A format about tax-free withdrawals of distilled spirits and hand sanitizer under the CARES Act.
PPP loan forgiveness application provides clarity on measuring payroll periods, eligible costs and loan forgiveness reduction calculations.
COVID-19’s impact on the economy has been particularly disabling for smaller midsize companies bearing the brunt of the pressure.
New TTB FAQ addresses requirements for a winery holding remote wine tastings with customers, including tax, labeling, and container sizes.
State and local governments can learn from past disasters as well as strategies for navigating these difficult times.
Fashion and apparel brands are considering their next business moves as economies reopen. A smarter and faster reset may be in order.
Cyberattacks evolve in an attempt to expose weaknesses, and that has never been more evident than during the COVID-19 pandemic.
Listen to RSM professionals provide insights and resources to help private equity and credit funds assess valuations in a downturn.
SBA continues to issue guidance on PPP loan repayment criteria; however more loan forgiveness guidance is necessary.
IRS released CARES Act FAQs on aviation excise tax holiday. FAQs provide clarification on issues related to jet fuel and ticket tax.
How business leaders can streamline operations and reduce costs as companies determine strategies for returning to work.
In light of the pandemic, the GASB has postponed the effective dates of certain of its Statements and Implementation Guides.
While change was already occurring, the COVID-19 crisis has the potential to considerably shift attitudes concerning ESG.
While rent forbearance may provide lessees with much needed cash, tax implications should be carefully considered.
As COVID-19 crisis continues to take a personal and professional toll on the workforce, it is more important than ever for leaders to adapt.
Recent IRS guidance allowing certain taxpayers to fax tentative refund claims is inapplicable to Form 990-T filers.
The IRS issued FAQs surrounding the federal income tax consequences to students receiving emergency financial aid grants under the CARES Act
Portfolio managers of investment companies are considering the impact of COVID-19 and economic conditions on their March 2020 valuations.
The COVID-19 pandemic caused a shift in how internal audit functions operate and they should consider the following practices.
Employers should use the updated Form 941 to properly report new CARES Act and FFCRA credits beginning in the second quarter of 2020.
The IRS updated the Economic Impact Payment FAQ to include guidance for returning payments made to deceased taxpayers.
RSM discusses changes to emergency lending programs. Can updates to Paycheck Protection Program and Main Street Lending help your business?
Since the World Health Organization declared COVID-19 a global pandemic, scammers are taking advantage of financial institutions.
SBA staff has stated its position on whether certain loan programs are subject to the Single Audit requirements.
Proposed budget would freeze planned rate reductions and calls for a non-resident wage tax increase to offset the impact of COVID-19.
The CARES Act includes beneficial tax relief. Coupled with sophisticated planning, now is the time to revisit your individual tax strategy.
The FASB Staff recently issued a Q&A regarding the effects of the COVID-19 pandemic on cash flow hedge accounting.
Taxpayer-friendly measures provide interest waivers, extension of limitations periods and assistance to impacted businesses.
Here are some ways coronavirus could leave its mark on the global VAT, trade and tariff landscape for the life sciences industry.
TTB issued FAQs providing guidance for refund claims on taxpaid beer for brewers when unmerchantable beer is destroyed during COVID-19.
IRS issued Rev. Proc. 2020-29, which temporarily allows taxpayers to electronically request private letter rulings.
Given current market conditions that are changing on a daily basis, human resource (HR) departments must focus on proper data management.
Notice 2020-32 disallows deductions for expenses paid with loan proceeds from the PPP when loan forgiveness occurs.
The COVID-19 pandemic has forced many cybersecurity professionals into uncharted waters as they face questions they were not anticipating.
The IRS provided additional guidance regarding fax submissions of tentative carryback claims, Forms 1139 and 1045.
The CARES Act adds to the complexity of state tax conformity to qualified improvement property. Learn how states approach the issue.
State nexus, income characterization and sourcing all potential and material concerns for businesses holding remote meetings.
The Coronavirus Aid, Relief and Economic Security Act has led to significant tax changes and relief for real estate owners and operators.
This week's topics include: recovery for health care organizations, addressing immediate challenges and preparing for the new normal.
COVID-19 continues to influence our daily lives and, in a very few number of weeks, many organizations have made the transition to remote.
We have updated our white paper to address additional issues to consider in financial statements affected by the coronavirus.
Time in U.S. counts as time in a foreign country under foreign earned income exclusion for taxpayers who returned to U.S. due to COVID-19.
The federal five-year NOL carryback may have substantial ramifications on state income tax returns beyond simple conformity.
The IASB recently proposed an amendment to IFRS 16 for the accounting for coronavirus related rent concessions.
To assist entities in determining the appropriate classification of debt, we have issued an updated version of our white paper.
The Arizona Court of Appeals upheld a lower court finding that a CEO was responsible for unremitted transaction privilege tax.
A recent webinar provided information on matters related to the interagency statement on loan modifications and reporting.
Congress authorizes additional $310 billion for PPP; SBA issues additional eligibility guidance for hedge funds and private equity.
The U.S., Cayman, and other jurisdictions extend deadlines for filing FATCA and CRS reports, but exams and compliance programs continue.
To identify risks and opportunities in telehealth deals, investors must assess these key IT and security considerations.
The COVID-19 pandemic may relieve recipients of tax incentives from the recapture provisions under the Nebraska Advantage Act.
In the midst of the COVID-19 pandemic, many companies were forced to quickly implement a remote workforce environment.
New or broader sales taxes or gross receipts taxes on digital goods and services may provide states much needed revenue.
The ability to revoke elections and file amended returns means partnership may have more than one option to benefit from CARES Act.
Due to the coronavirus, the FASB recently proposed a one-year effective date delay for certain entities for ASC 606 and ASC 842.
Nonresident alien individuals unable to leave the U.S. because of travel restrictions may avoid U.S. resident status under new IRS guidance.
TTB has extended its waivers for certain distilleries wishing to produce hand sanitizer through the 2020 calendar year.
Businesses should start thinking about creating a sustainable operating model in the new normal and how they should adjust for the future.