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.
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.
Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.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.
Provides guidance into the extended approval of exemptions for distilled spirits permittees to facilitate hand sanitizer production.
Three years after the Wayfair decision, economic sales tax nexus has become the norm, but unanswered questions and numerous issues remain.
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.
ARPA requires health plans to provide employees with six months of free COBRA coverage due to hours reduction or involuntary termination.
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
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.
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.
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.
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 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.
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.
In response to the pandemic, the Canadian government introduced support programs that could benefit U.S. multinationals.
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.
$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.
Governor Ned Lamont has signed legislation retroactively providing COVID-related business nexus and personal income tax relief for 2020.
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 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.
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.
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.
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.
Employers impacted by COVID-19 may be eligible for payroll tax credits and deferrals reportable on their quarterly payroll tax returns.
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
A roundup of considerations for companies while preparing income tax provisions for the year-ended Dec. 31, 2020.
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.
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.
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.
The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.
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).
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.
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.
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.
For corporations with NOLs that anticipate 2021 income, a change of fiscal year may mitigate the impact of the 80% NOL deduction limitation.
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 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.
SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.
Extension of corporate surtax and expanded millionaire’s tax assists New Jersey with significant budget deficit caused by the coronavirus.
Insights for family offices on investment and tax strategies, risk management, and operational considerations in the face of the pandemic.
The final version of Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund has been released by the IRS.
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.
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.
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 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.
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.
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.
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 court ruled that DOL regulations unduly restrict paid leave, thus expanding the eligibility of FFCRA paid leave.
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.
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.
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.
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.
Changes to NOL rules under the TCJA and CARES Act are implemented for consolidated corporate groups under new proposed regulations.
Temporary regulations provide election filing procedures to implement retention of NOL tax benefits by acquiring consolidated group.
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.
The state will decouple from the taxpayer-friendly interest expense and net operating loss provisions of the federal CARES Act.
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.
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.
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.
Notice 2020-46 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
Depleted trust fund balances due to COVID-19 may cause state legislatures to act now to prevent further reductions.
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.
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.
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.
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.
A sales tax bad debt analysis and review can provide necessary cash flow for many businesses in a distressed economy.
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.
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.
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.
New TTB FAQ addresses requirements for a winery holding remote wine tastings with customers, including tax, labeling, and container sizes.
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.
While rent forbearance may provide lessees with much needed cash, tax implications should be carefully considered.
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.
The ability to revoke elections and file amended returns means partnership may have more than one option to benefit from CARES Act.
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.
IRS considers revoking 10 year limitation period for FTC carryback when an NOL carryback from a subsequent year creates the excess FTC.
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.
Businesses seeking to increase cash flow should evaluate accelerating COVID-19 losses into 2019 federal income tax returns.
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.
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.
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.
Changes to the federal net operating loss rules under the CARES Act create state tax risks and opportunities for many businesses.
As businesses renegotiate debts in the aftermath of COVID-19, it is critical to understand whether the debt is considered publicly traded.
Technology investments in response to the COVID-19 outbreak may be eligible for the research and development tax credit.
Motivated by the tax relief provisions of the CARES Act, the IRS is allowing all partnerships to file 2018 and 2019 amended returns.
State tax cash-flow maximization and risk minimization are available for private equity groups and their portfolio companies.
Cash-flow maximization and support opportunities are available to the fashion and beauty industry reeling from COVID-19.
Employer social security payroll tax payment deferral for taxes incurred from March 27th through Dec. 31, 2020.
The new law intends to help Main Street businesses. Some family offices might be classified as a small business and eligible for loans.
Income and sales tax refund reviews may help companies improve cash flow in the short term and provide savings in the long term.
The IRS recently issued 66 FAQs addressing payroll tax credits for COVID-19-related paid family and sick leave.
The Department of Labor has issued updated questions and answers regarding paid leave for employees impacted by COVID-19.
Accelerating worthless stock deductions on an insolvent subsidiary without disposing of the business to increase NOL carrybacks.
State tax considerations and opportunities as the pandemic impacts grocer revenues, supply chains and employment.
COVID-19 has caused many businesses to be concerned about short-term liquidity. New federal programs aim to help payroll, operating costs.
SBA issues interim final PPP guidance for lenders and borrowers at 6:47pm day before loan program is set to begin.
The CARES Act provides business and tax relief to portfolio companies and investors. However, affiliation rules could limit SBA loan relief.
Basic questions answered to help taxpayers interpret and claim the Employee Retention Tax Credit of the CARES Act.
Employees working remotely due to the COVID-19 pandemic may result in income tax consequences to both the employee and the employer.
Job losses and hardships have some investors tapping into employer-sponsored retirement savings. Learn what questions you may face.
State and local tax filing and penalty relief guidance in response to COVID-19 has accelerated as deadlines approach.
Before filing NOL carryback claims it is important to understand whether a previous M&A transaction impacts who benefits from the refund.
IRS grants limited penalty relief for failure to deposit and pay employment taxes pursuant to the Families First Act and CARES Act.
Examples of tax-free payments under section 139 that employers may provide employee affected by the COVID-19 pandemic.
Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.
Employers should review retirement plan provisions for employee assistance and cash saving opportunities in response to economic conditions.
Because of COVID-19 concerns, the IRS is extending pending deadlines for employers to adopt updated 403(b) retirement plan documents.
IRS to temporarily accept scanned or digital signatures and will electronically share certain documents via Email.
State and local tax opportunities are available for restaurants for cash flow maximization and support during the pandemic.
The IRS has moved the due date for adopting IRS preapproved pension plan document from to April 30, 2020 to July 31, 2020.
The CARES Act provides broad support and relief for tax-exempt organizations affected by the coronavirus pandemic.
Bringing stability to your supply chain and maximizing liquidity is critical to maximize your organization’s financial results.
State and local tax strategies may alleviate some of the economic consequences of COVID-19 on the manufacturing industry.
Businesses in the technology industry may benefit from a roadmap of cash-flow maximization considerations during the COVID-19 pandemic.
Law firms and professional services businesses are experiencing challenges with the COVID-19 pandemic, creating state and local tax issues.
Immeasurable operational challenges face the industry as some sectors see opportunities while others see risk.
The IRS issued guidance permitting an automatic extension for gift and GST tax filings and payments until July 15th
Act contains broad relief for individuals and businesses; includes funding vehicles, recovery payments, and modifications to TCJA provisions
Companies should reflect the changes in tax law under the CARES Act in the period of enactment for financial statements.
Today, the House of Representatives passed the CARES Act on a voice vote and the President signed the bill enacting it into law.
The LB&I Division of the IRS announced that it would suspend the enforcement of information requests sent during audits.
Join us on Friday, March 27, when RSM tax professionals examine critical tax relief issues related to the COVID-19 pandemic.
CARES Act provides general increase to the limitation amount (i.e., the maximum allowable deduction) and special rule for partnerships
Proper tax planning in a workout or restructuring is necessary to provide valuable tax attributes to the restructured business.
Mandatory paid leave for employees impacted by COVID-19 is set to start April 1, 2020, per new Department of Labor guidance.
As part of the COVID-19 effort, IRS temporarily adjusts and suspends key compliance program April 1, 2020- July 15, 2020
During a debt workout or restructuring, it is critical that businesses evaluate their restructuring options and the related tax impact.
Coronavirus Aid, Relief and Economic Security Act provides liquidity by providing five-year NOL carryback and other help for corporations.
Widespread availability of credits and economic incentives during the COVID-19 pandemic may help businesses increase cash flow.
Extensions for tax returns and payments due to the Coronavirus pandemic are largely inapplicable for most exempt organizations.
The IRS has implemented staff reductions and closed taxpayer assistance centers, which could affect mission-critical operations.
Federal income tax filing and payment relief extension to July 15, 2020 may not apply to all state income tax filings.
The conditions that cause uncertainty today create opportunities to transfer wealth to the next generations at historically low tax cost
The IRS issued Notice 2020-18 which supersedes Notice 2020-17 and provides income tax filing and payment relief to affected taxpayers.
Questions surround new tax legislation in response to COVID-19. RSM’s Tax Policy Now examines extended deadlines, paid leave and cash flow.
Global employers need to be aware of the risks they face as they navigate through the complexities posed by COVID-19.
On March 19, the U.S. Senate released the third round of emergency assistance resulting from the 2020 COVID-19 pandemic.
Limited sales and use tax filing and payment relief has been included in some of the state and local COVID-19 response guidance.
Discussion of how tax-exempt organizations can provide assistance to those impacted by the coronavirus pandemic.
The IRS issued Notice 2020-17 to provide guidance to taxpayers regarding extended tax payment deadlines due to the Coronavirus pandemic
Congress passes the Families First Coronavirus Response Act that mandates paid leave for employees impacted by COVID-19.
As the human and economic toll of coronavirus mounts, no sector of the economy has been immune from a downturn, including family offices.
Businesses feeling the economic distress of COVID-19 should consider how to maximize cash flow and stay current with state tax
Tax relief is available to companies recovering from coronavirus and COVID-19 disruptions. RSM breaks down tax policies, issues and updates.
Family offices share coronavirus challenges and opportunities. RSM examines how they can manage their response and prosper long term.