Ideas & Insights

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 previous June 30 deadline to carryback 2018 NOLs on Form 1139 and Form 1045 has been extended to July 15.

SBA / Treasury release additional changes to Interim Final Rules that further clarify loan forgiveness process.

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.

Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.

Retroactive law changes found in the CARES Act raise questions on the proper timing for adjusting corporate E&P.

Questions and answers about how NOL carryback refund claims should address AMT calculations are now available on the IRS’ website.

SBA releases authoritative loan forgiveness guidance as well as SBA loan review procedures and borrower responsibility.

IRS issues new release detailing limited resumption of certain operations and advising taxpayers on alternatives for inoperative functions.

PPP loan forgiveness application provides clarity on measuring payroll periods, eligible costs and loan forgiveness reduction calculations.

SBA continues to issue guidance on PPP loan repayment criteria; however more loan forgiveness guidance is necessary.

While rent forbearance may provide lessees with much needed cash, tax implications should be carefully considered.

The CARES Act includes beneficial tax relief. Coupled with sophisticated planning, now is the time to revisit your individual tax strategy.

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.