United States
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.
The final regulations implement the amendments made to section 162(m) by the TCJA and largely mirror last year’s proposed regulations.
TEGE will continue to provide flexibility on IDR enforcement timelines and modified examination procedures due to COVID-19.
Some common paid time off (PTO) policy features cause taxable income to unexpected parties at unexpected times. Learn more here.
Notice 2021-01 provides that private foundations may paper file Form 4720 until electronic filing of the form becomes available in 2021.
Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
The IRS created a new Form 1099-NEC to report nonemployee compensation with a different due date than Form 1099-MISC.
The IRS provides welcome guidance to higher education institutions that made emergency relief grants to students.
Some European member states are extending the application of the anti-hybrid rules to common non-abusive structures.
German tax may apply to payments for the licensing or sale of German registered IP, even if neither party resides in Germany.
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.
In line with decades of case law and rulings, IRS ruling looks to benefits and burdens of ownership to determine tax ownership.
Employers may wish to pay Social Security taxes deferred under the CARES Act before the due date and should consider certain items.
PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).
Court of Federal Claims holds delegating the filing, depositing and paying of employment taxes is not reasonable cause excusing penalties.
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).
IRS addresses QSubs and period of limitations in a new set of proposed rules to the centralized partnership audit regime.
IRS clarifies deduction disallowance for expenses funded by PPP and issues safe harbor for borrowers that forgo or are denied forgiveness.