Join leaders from RSM’s financial institutions practice on this webcast for a year-end accounting and tax issues update.
Join leaders from RSM’s financial institutions practice on this webcast for a year-end accounting and tax issues update.
RSM and PERE magazine discuss how technology is transforming real estate investors’ abilities to scenario plan and evaluate tax obligations.
Collaborative investing: Partnering with other families, PE and independent sponsors. Watch as four family office leaders share insights.
IRS finalizes regulations coordinating the section 245A extraordinary disposition rule with the section 951A disqualified basis rule.
Court of Federal Claims holds delegating the filing, depositing and paying of employment taxes is not reasonable cause excusing penalties.
The COVID-19 pandemic has increased the risk of noncompliance in an evolving sales and use tax compliance landscape.
The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.
Treasury and the IRS release final guidance to exempt organizations for separately computing UBTI under section 512(a)(6).
The 2020 election might initiate widespread changes in America. What will the outcome mean for you as a member of a board of directors?
IRS addresses QSubs and period of limitations in a new set of proposed rules to the centralized partnership audit regime.
Now that Democrats’ best-case scenario in the Senate is a 50-50 split, it is safe to expect significant challenges to tax policy changes.
The IRS moved away from a decades old agreement and emerged victorious in the $3.3 billion tax dispute with the beverage company.
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 Treasury 2020-2021 Priority Guidance Plan contains numerous anticipated projects affecting exempt organizations.
The IRS has updated six questions in their Employee Retention Credit FAQ document on Tribal Governments and PPP loans in acquisitions.
Cayman Islands just launched its new DITC portal and extended the due date for filing FATCA and CRS reports to Dec. 16, 2020.
Find out how to unlock your data to maximize the value of your tax compliance function, plus hear answers to frequently asked questions.
A recap of presentations, top questions and highlights from virtual sessions held at the 2020 RSM annual tax summit.
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.
The IRS will release proposed regulations confirming the SALT deduction limit will not apply to entity-level taxes imposed on pass-throughs.
The TE/GE division’s 2021 program letter contains a summary of its priorities for the fiscal year and a new compliance priority webpage.
Recent changes by Indian tax authorities on taxing dividend distributions may impact U.S. investors’ repatriation of earnings.
RSM hosted a week long virtual tax summit providing attendees with insightful post-election and year-end planning insights.
Procedural guidance provides taxpayers with an opportunity to apply bonus depreciation regulations retroactively and reconsider elections.
New state governments set to tackle raising revenue through new and increased taxes coupled with tax-related ballot measures.
Final section 864(c)(8) regulations clarify rules for foreign partners with ECI from transfers of partnership interests.
State tax planning opportunities to consider in light of COVID-19, the resulting economic crisis and evolving tax laws and regulations.
Section 1202 could provide small business investors with a complete exemption of gain realized from the sale of QSB stock.
Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.
For corporations with NOLs that anticipate 2021 income, a change of fiscal year may mitigate the impact of the 80% NOL deduction limitation.
Misconceptions about the federal research and development tax credit leave many companies paying more tax than required.
To get the corporate tax technology you covet, you will first need to convince the right people to give you funding. Here’s how to do it.
Join our webcast to learn about the unique challenges U.S. businesses face when engaging in online sales of goods and services overseas.
The IRS confirmed its taxpayer-unfavorable interpretation of deadline extension provisions for like-kind exchanges affected by COVID-19.
Many limitations, including the 401(k) elective deferral limit for employee contributions, remain unchanged from 2020 levels.
Rev. Proc. 2020-45 provides annual inflation adjustments for more than 60 tax provisions, including those affecting exempt organizations.
The Eleventh Circuit determined that reserved rights for homesites did not violate section 170(h)(2) charitable contribution rules.
Some exempt organizations that timely filed Form 990 series returns or notices are receiving erroneous auto-revocation notices.
Four states have adopted or are considering budgets without significant tax increases even considering pandemic shortfalls.
RSM is participating in TEI’s annual conference by hosting Navigating a Perfect Storm: Tax Policy & Practice in the Age of COVID-19
Learn how the U.S. Consolidated Return Unified Loss Rules affect mergers and acquisitions and how taxpayers can benefit from some elections.
Second settlement initiative for certain taxpayers under audit who participated in abusive micro-captive insurance transactions.
In lieu of an in depth analysis, partnerships may utilize one of three ‘snapshot’ methods to comply with tax capital reporting requirements.
New Hampshire files challenge over Massachusetts regulation taxing telecommuting nonresidents with U.S. Supreme Court.
IRS new release announces extended Jan. 15, 2021 filing date for certain taxpayers affected by the September California wildfires.
IRS announces Feb. 16, 2021 extended tax filing, payment and other postponement relief for victims of Hurricane Delta.
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.
Final FTC regulations provide clarity while Treasury takes a stance against permitting a credit for digital taxes in new proposed rules.
Updated IRS materials suggest a renewed and heightened focus on the reporting of virtual currency transactions by taxpayers.
With the election approaching, RSM is looking at the economic stakes and the key issues for family offices.
Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.
The IRS announced that December 31, 2020 will be the last date to submit tentative net operating loss carryback claims via fax.
Section 6662(i) 40% penalty is an enhancement of section 6662(b)(6). Failed approval of section 6662(b)(6) cannot be cured later.
Excise taxes can have a serious financial impact on business, yet many aren’t focused on the potential impacts.
Looming budget shortfalls coupled with tax-related ballot measures in many states could significantly affect 2021.
Annual license renewals will be required for certain taxes, including the sales tax, sellers use tax and the simplified sellers use tax.
PartnerSight is a cloud-based platform that delivers tax data in real time, providing powerful insights to make better investment decisions.
RSM identifies nine frequently asked questions (FAQs) about phantom stock plans, an incentive compensation tool.
Chief Counsel Notice discusses frequent questions regarding settlement requirements for syndicated conservation easements.
IRS increases enforcement efforts and warns taxpayers to review reportable micro-captive transactions prior to October 15 tax deadline.
IRS has issued two campaigns for Life Insurers and issues regulations on the calculation of life insurance reserves under section 807(d).
Netherlands Budget Day 2021: An overview of important corporate and international tax developments to be aware of in country
A business-minded approach: Cybersecurity for family offices begins with awareness of prevalent threats and their own risk profiles.
RSM India covers the complex cross-border tax considerations and reporting requirements applicable to nonresident Indians in this guide.
Key actions companies doing business in the United Kingdom should consider as the UK’s transitional period with the EU comes to an end.
A business did not owe tax on service contract fees, finding the receipts were sourced out-of-state rather than to in-state customers.
SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.
The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.
Join this webcast to explore the impact of state tax policy on wealthy individuals, including fund executives and business owners.
General Motors will refund Ohio $28 million in tax benefits after closing an assembly factory before the end of an incentives agreement.
Extension of corporate surtax and expanded millionaire’s tax assists New Jersey with significant budget deficit caused by the coronavirus.
RSM is pleased to offer a three-part webcast series exploring how family offices can take a holistic approach to technology ecosystems.
IRS provides specific guidance through proposed IRM provisions to implement interim policy changes for supervisory approval of penalties.
Insights for family offices on investment and tax strategies, risk management, and operational considerations in the face of the pandemic.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Hurricane Sally.
Prudent payment integrity assessments and analysis of financial processes help family offices reduce risk and streamline financial reporting
The final regulations address the treatment of administration expenses and excess deductions on termination of an estate or trust.
The IRS and Treasury released the final bonus regulations applicable to property acquired and placed in services after Sept. 27, 2017.
On Sept. 1, 2020, the Treasury released final regulations on the section 59A base erosion and anti-abuse tax (BEAT).
The final version of Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund has been released by the IRS.
A recent proposal would simplify how private-company franchisors analyze their performance obligations in accordance with ASC 606.
IRS to focus on taxpayer compliance with the documentation requirement to allocate and deduct success-based fees.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Oregon wildfires.
New IRS guidance updates and clarifies the previous ASC 730 Directive for R&D credit claims of LB&I Taxpayers using U.S. GAAP rules.
The IRS released final regulations affecting S corporations that revoked their status in response to TCJA and lower C corporation tax rates.
Companies must minimize financial exposure and maximize their potential recoveries if their business clients face bankruptcy.
What are the top business issues and opportunities trending for middle market beauty sector companies in 2020?
Tax Court ruled rejected e-filing triggered three-year limitation statute despite omission of taxpayer’s personal identification number.
The U.S. State Department informed Hong Kong authorities that the shipping agreement between the countries has been suspended or terminated.
The IRS expanded its previous temporary authorization of e-signatures to an additional 7 forms in response to the COVID-19 pandemic.
These FAQs help family offices take a look at document management and retention practices, policies, technology systems and procedures.
Understanding the history of state transfer pricing can help those with intercompany transactions prepare for the future.
A new election could minimize likelihood of S corps triggering taxable distributions to their shareholders when they have GILTI inclusions.
State tax increases in various forms seem inevitable because of massive budget shortfalls caused by the pandemic and economic crisis.
Join our professionals as they discuss November’s presidential election, tax planning opportunities and the potential changes ahead.
IRS releases final and proposed regulations on the deduction for dividends from foreign corporations and related reporting rules.
RSM professionals discuss the provisions of business interest deduction limitations (Section 163j) stemming from the TCJA and CARES Act.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by Hurricane Laura.
Transfer pricing audits are occurring more frequently and are expected to increase as the states look to recover from the pandemic.
Organizations that translate lessons learned from COVID-19 into future ready standards can create value that will last beyond this crisis.
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.
IRS extended filing and paying deadlines and TTB updated disaster relief guidance for taxpayers affected by CA wildfires and IA derecho.
IRS releases a statement announcing that the application period for the CAP program is now open to qualifying corporations for 2021.
Delaware letters advise companies to either participate in the state’s unclaimed property VDA Program or be subject to an audit.
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.
The U.S. Department of Labor has issued necessary regulations for service providers that want to offer PEP arrangements to their clients.
The IRS updated taxpayers on its operations status and recognized the delays in processing check payments due on July 15, 2020.
The DOL’s lifetime income disclosure rule will increase costs and information required for benefit statements in defined contribution plans.
Changes in global mobility and immigration and how these affect international assignment programs for global employers.
These proposed regulations apply to the extension of time to rollover participant loans provided by the Tax Cuts and Jobs Act (TCJA).
Legislation adopts several new credit and incentives programs as well as creates a new property tax incentive.
The Tennessee Department of Revenue issued guidance on the state’s conformity to section 163(j) of the Internal Revenue Code.
Taxpayers may not be aware that their business activities with Canada may give rise to a reporting requirement, or even a tax liability.
Taxpayers have until Sept. 15, 2020 to participate in the program that may reduce transfer pricing disputes and provide penalty waiver.
PPP lender forgiveness portal is open. Additional guidance issued on loan forgiveness and EIDL amounts as well loan review appeal process.
This webcast will discuss carried interest regulations and what the proposed rules mean for investment fund managers.
Former Vice President Joe Biden’s tax plan features significant changes. Rates seem likely to rise, even if President Trump wins re-election
This Alert summarizes impacts of the recently-issued interest deduction limitation guidance on the real estate industry.
Amendments to section 162, 164, and 170 regs. formalize safe harbors for payments to charitable organizations in exchange for SALT credits.
The United States’ fiscal response to the pandemic and the upcoming federal election signal tax rate increases and a need for planning.
The future of state and local incentives in a post-pandemic economy will be highly influenced by remote workforces – states may act soon.
An executive order was issued directing the deferral of payroll tax payments. Follow up guidance from the Treasury Department is expected.
The IRS postponed the first quarter filing and payment deadline for federal sporting goods excise taxes until Oct. 31, 2020.
Learn more on CARES Act tax provisions relating to C corporations and the historical context for the changes contained in the legislation.
Taxpayers often struggle to quantify participation for the passive activity rules. A recent court decision may affect those calculations.
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 department found the business did not engage in qualifying research or submit proper documentation to substantiate the claim.
Tax law and policy changes may increase state and local taxes for many businesses as states look to make up pandemic shortfalls.
The court ruled that DOL regulations unduly restrict paid leave, thus expanding the eligibility of FFCRA paid leave.
Global mobility requires cross-border tax planning with a global perspective, assignment planning and payroll reporting obligations.
IRS tax transcripts can be a valuable tool for helping to resolve various tax issues promptly and effectively.
Understanding the global landscape and keeping an eye on regulations, RSM can help businesses unlock efficiencies and realize tax savings.
These Frequently Asked Questions will help you understand the stock options you have been granted and their tax consequences.
Digital tools like artificial intelligence, digital analytics and machine learning minimize repetitive manual tasks and streamline systems.
Proposed carried interest regulations are mostly as expected with a few new items and detailed computational rules.
The proposed regulations clarify rules on simplified accounting methods for qualified small business taxpayers.
A judge found that taxpayers did not abandon their residency and were therefore still subject to Arkansas personal income tax.
Data-driven economic insights and outlooks for a variety of family offices provided by RSM US LLP senior analysts.
Notice 2020-59 proposes a revenue procedure clarifying real property trade or business elections for residential living facilities.
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.
Recent memo provides IRS view that certain stockless contributions create a split holding period on the stock.
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.
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.
Final and proposed regulations related to the GILTI high tax exclusion and subpart F high tax exception released.
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.
Final regulations allow any reasonable method to be applied in calculating deduction amounts allowed under sections 250, 172, and 163(j).
The Community Development Financial Institutions Fund announces over $3.5 Billion in New Markets Tax Credit allocation.
Taxpayers that properly secured a first extension may file a request for a second extension on or before Aug. 17, 2020.
Volatility and uncertainty in the markets create an unprecedented opportunity to transfer carried interests at low tax cost.
Notice 2020-56 extends until Dec. 31, 2020, the due date for CHNAs or implementation strategies due on or after April 1, 2020.
Treasury and the IRS have issued final regulations on determining the amount of the deduction for FDII and GILTI.
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.
Changes to NOL rules under the TCJA and CARES Act are implemented for consolidated corporate groups under new proposed regulations.
Plan sponsors have until July 31, 2019, to pay the patient-centered outcomes research fee on health plans for plan years ending in 2018.
Temporary regulations provide election filing procedures to implement retention of NOL tax benefits by acquiring consolidated group.
Revenue Procedure 2020-37 lists depreciation limits for owners and lessees of passenger automobiles placed in service or leased in 2020.
California Office of Tax Appeals determined that a construction company could not use a resale certificate for material purchases.
Congress extends PPP timeline for approved applications through Aug. 8, 2020; SBA releases data set of borrower information.
DOL proposes prohibited transaction exemption for Financial Institutions and Investment Professionals providing advice to participants.
Expanded eligibility ending Nov. 30, 2020 presents an opportunity for businesses to come into compliance with certain state taxes.
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.
Mississippi will require marketplace facilitators to register to collect and remit sales and use taxes beginning July 1, 2020.
The state will decouple from the taxpayer-friendly interest expense and net operating loss provisions of the federal CARES Act.
Join RSM in a discussion of the changes and considerations covered by the exempt organization executive compensation proposed regulations.
The Sixth Circuit held that the DOJ should have been permitted to provide evidence regarding a taxpayer’s historic R&D credit information.
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.
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.
Refundable credit receives taxpayer-friendly updates, including increased availability and extended application deadline and sunset dates.
Recently issued final section 199A regulations clarify the treatment of suspended losses and provide guidance on certain RIC dividends.
The proposal concerns ERISA plans that make investment decisions based on environmental, social and corporate governance (ESG) factors.
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 TTB now allows tobacco proprietors to file their special occupation tax online via the agency’s Permit Online program.
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.
The proposed regulations provide long-awaited guidance for the disallowance of qualified transportation benefits and commuting expenses.
The Office of Tax Appeals determined that the taxpayer did not show that it undertook a process of experimentation.
SBA/Treasury release various guidance items over the past week; updated and streamlined loan forgiveness applications.
Employers impacted by COVID-19 may be eligible for payroll tax credits and deferrals reportable on their quarterly payroll tax returns.
How family offices can maximize tax deductions and estate planning objectives during the economic downturn caused by the coronavirus.
The state responses have created a fragmented landscape of thresholds and compliance obligations with more questions than answers.
Louisiana will require marketplace facilitators to register and collect and remit the state and local sales tax beginning July 1.
RSM and Crimson Tree Software collaborate to transform how partnerships manage tax compliance and reporting in the middle market.
Notice 2020-46 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
The new proposed regulations clarify what constitutes ‘real property’ for purposes of section 1031 to help implement changes in TCJA.
Depleted trust fund balances due to COVID-19 may cause state legislatures to act now to prevent further reductions.
OIRA has begun reviewing the FDII and GILTI deduction regulations and the final regulations are expected to be released soon.
Taxpayer permitted alternative apportionment when calculating Michigan sourced income from the sale of an out-of-state business.
Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.
AICPA requests electronic signatures on additional tax forms, easing the burden of manual signatures for taxpayers and preparers.
The recent IRS Notice provides relief in the form of flexibility for investment timing and testing periods for QOFs and their investors.
As businesses increase the use of remote workforces, nexus and withholding determinations can greatly complicate state tax compliance.
Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.
In a request for comments, the service outlines potential calculation methods – but also suggests disallowing an extremely common method.
Long awaited proposed regulations clarify a number of open questions that remained with the carbon sequestration credit.
RSM creates a holistic solution to solve the multifaceted complex business issues a company faces when it considers global expansion.
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.
PPP legislation extends covered period for loan forgiveness and Congress amends 75% payroll requirement; bill heads to President Trump.
President held personally liable for unpaid income tax withholding even after another corporate officer found responsible.
Plan participants may use an electronic system facilitating remote notarization or witnessing if executed via live audio-video technology.
RSM is partnering with TEI for a live webcast on June 3 for an update on tax considerations for the COVID-19 environment.
Careful attention to transfer pricing policies can help middle market companies identify opportunities in the current market turbulence.
TTB adopted, with minor changes, temporary regulations on alcohol tax filing dates implementing 2015 PATH Act for eligible excise taxpayers.
Effective July 1, Maryland has exempted from sales and use tax the sale of certain personal property to qualified data centers.
Final regulations promulgated under section 6033 reduce Form 990, Schedule B reporting for certain exempt organizations.
The IRS released proposed regulations that clarify five-year rehabilitation credit period created by the Tax Cuts and Jobs Act.
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.
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.
The IRS announced the addition of 2019 Form 1040X to the library of electronic filings beginning this summer.
A sales tax bad debt analysis and review can provide necessary cash flow for many businesses in a distressed economy.
Recently published IRS guidance provides insight into the Service’s expectations regarding transfer pricing documentation
Services performed in Detroit for clients located outside the city should be sourced to Detroit for purposes of the city’s income tax.
Manufacturers changing over operations in order to create personal protective equipment may be exposed to new state tax liabilities.
A handy, easy to follow playbook for the stay at home athlete who wants to keep their financial house in order.
Businesses buying or selling real estate should be aware of the transfer taxes that accompany those transactions.
Technology subsectors are not immune to the economic shock of COVID-19. However, they could see growth during this perilous environment.
Treasury released guidance indicating that references to NAFTA can be interpreted as USMCA for purposes of U.S. tax treaties.
SBA releases authoritative loan forgiveness guidance as well as SBA loan review procedures and borrower responsibility.
Understanding the myriad of Net Operating Loss rules and regulations is increasing important, especially in a distressed economy.
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.
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.
Delay in ASC 606 for private companies that have not yet issued financial statements may have tax implications.
The Louisiana Sales and Use Tax Commission announced guidance for remote sellers exceeding the nexus thresholds beginning July 1, 2020.
Write-off of capitalized IPO costs after a go-private transaction disallowed because the costs do not create a separate and distinct asset.
As the Main Street Lending program rolls out, family offices that are eligible must consider pitfalls of borrowing one.
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.
The elective tax is intended as a state and local tax deduction limitation workaround, joining six other states with similar provisions.
New TTB FAQ addresses requirements for a winery holding remote wine tastings with customers, including tax, labeling, and container sizes.
First-of-its-kind tax would have imposed a gross receipts tax on large companies purchasing digital advertising in Maryland.
A recent IRS private letter ruling granted an extension of time for the required certification of a Qualified Opportunity Fund.
Many companies miscalculate the available accelerated depreciation on qualified leasehold improvements. Is your company one of them?
Finalized section 385 debt-equity regulations proposed in 2016, government still plans to issue some less harsh rules in the future.
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.
Ten-year net deferred tax liability deduction may be claimed beginning in 2023 as long as Form DT-1 is timely filed by July 1, 2020.
Proposed regulations, issued on May 12, 2020, address changes enacted in TCJA to section 162(f) and the addition of section 6050X.
Digital assets present audit and accounting challenges that require re-examining basic considerations within traditional frameworks.
While rent forbearance may provide lessees with much needed cash, tax implications should be carefully considered.
Proposed regulations provide guidance on treatment of administration expenses and treatment of excess deductions in the year of termination.
The IRS released a proposed revenue procedure intended to update existing rules with respect to obtaining and maintaining a group exemption.
When determining whether an S corp distribution is a dividend, Arkansas taxpayers must use state-specific AAA rather than federal AAA.
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.
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.
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.
Notice 2020-32 disallows deductions for expenses paid with loan proceeds from the PPP when loan forgiveness occurs.
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.
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 Arizona Court of Appeals upheld a lower court finding that a CEO was responsible for unremitted transaction privilege tax.
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.
The COVID-19 pandemic may relieve recipients of tax incentives from the recapture provisions under the Nebraska Advantage Act.
New or broader sales taxes or gross receipts taxes on digital goods and services may provide states much needed revenue.
Treasury and the IRS release long-awaited guidance to exempt organizations under section 512(a)(6) for separately computing UBTI.
The ability to revoke elections and file amended returns means partnership may have more than one option to benefit from CARES Act.
The economic impact of COVID-19 is immense. Distressed companies in need of capital may drive future M&A deals.
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.
Emergency regulations and technical guidance provide clarifications for telecommuter withholding and nexus safe harbors.
Many employers are transitioning to virtual internship programs due to the COVID-19 crisis. Understand the state and local tax consequences.
Securities and Exchange Commission has provided some relief to regulated investment companies, but Internal Revenue Service has yet to act.
Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.
France enacted an intellectual property tax regime. Find out what this means for U.S. multinational businesses with operations in France.
IRS considers revoking 10 year limitation period for FTC carryback when an NOL carryback from a subsequent year creates the excess FTC.
The decision may impact sourcing positions taken by the financial service industry for New York State and New York City tax purposes.
Additional guidance was provided by IRS regarding fax submissions of Form 1139 and Form 1045 filings just before the April 17 start date.
Funds holding distressed debt may consider whether accrual of interest income may be stopped under the ‘doubtful collectability’ exception.
After you have protected your company, people and customers, you will need to start assess where your business will be after the pandemic.
Maintaining static conformity to the IRC, Wisconsin adopts several taxpayer-friendly provisions of the federal CARES Act.
Taxpayers should contact their tax professionals to proactively discuss documentation needed to withstand IRS scrutiny.
Businesses seeking to increase cash flow should evaluate accelerating COVID-19 losses into 2019 federal income tax returns.
Industry groups are requesting clarification of the deadlines as extended by Notice 2020-23, which appears to offer a limited time frame.
Remote programming employee directly impacted an Arkansas employer's ability to carry out its mission and purpose.
Provides more time to elect out of 163(j) interest deduction limitation for taxpayers with certain real property or farming businesses.
In late March 2020 Mexico’s Secretary of Health issued measures that are to be followed in response to the COVID-19 pandemic
Some individuals who took RMDs this year before they were waived by the CARES Act have more than 60 days to roll the RMDs back in.
Corporate taxpayers filing a consolidated return have an added layer of rules to navigate when carrying back a net operating loss.
In response to the COVID-19 pandemic, the IRS is encouraging taxpayers to fax – rather than mail – Form 1139 and Form 1045 filings.
Notice 2020-23 postpones the due date for Form 5500 (Annual Return/Report for Employer Plans) filings for some plans.
The five-year carryback rule applies to insurance companies, both life and non-life, although both categories are singled out in the Act.
Taxpayers should consider the state and local tax controversy opportunities and considerations created by the COVID-19 pandemic.
Notice 2020-23 provides corporate filers with guidance on extended filing and payment dates, with additional specifics and clarifications.
Easing some of the industry’s widespread financial pressures from a state and local tax perspective may increase cash flow.
Globally mobile employers and their employees may face complications in addressing the individual rebates provided by the CARES Act.
A foreign tax credit transaction that was previously referenced in Notice 2004-20 has been removed by the IRS.
IRS releases Notice 2020-23 which further expands COVID-19 filing and payment relief and revises the extension period.
The IRS provided long-awaited guidance for taxpayers anxious to take advantage of the NOL provisions in the CARES Act.
Recent guidance extends certain deadlines for LIHTC, WOTC, and Historic Rehabilitation tax credits because of COVID-19.
Notice 2020-23 incorporates Rev. Proc. 2018-58 filing postponements to extend certain excise tax filing deadlines.
Recent guidance provides that certain deadlines, including the allowable time to invest in a QOF, are now extended because of COVID-19.
Investors looking to accelerate write-offs on investments should be aware of an obscure section 382 rule that could destroy the tax-shield.
The IRS issued Notice 2020-23 granting broad filing and payment relief to most taxpayers including individuals, estates and trusts.
The IRS issued guidance extending the time for taxpayers to file certain Form 3115s and Form 1128s to July 15, 2020.
Notice 2020-23 clarifies that most filing, payment and election obligations for S corporations and partnerships is postponed until July 15.
Notice 2020-23 extends deadlines for like-kind exchanges under section 1031 and involuntary conversion replacements under section 1033.
IRS announces new July 15, 2020 deadline for Americans living abroad, nonresident aliens, and foreign corporations.
Temporarily increased federal limits on business interest deductions under section 163(j) may impact some state taxpayers.
California-based employers have limited window to submit requests for cash grants from COVID-19 related employee training program.
The bills address the state's IRC conformity as it relates to new federal section 163(j) limitation rules, among other provisions.