Ideas & Insights

Taxpayer Advocate Service is wrestling with a backlog of cases trying to navigate the changing environment of the pandemic.

Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.

Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.

Partnerships making certain narrow, and specified changes, may not need to file administrative adjustment requests.

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.

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.

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.

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.

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.

$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.