Ideas & Insights

After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.

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.

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.

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.

IRS Announcement 2020-12 clarifies that lenders need not issue form 1099-C reporting PPP loans eligible for forgiveness under the CARES Act.

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.

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.

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 FDIC recently issued an Interim Final Rule providing temporary relief for Part 363 audit and reporting requirements.