Ideas & Insights

Companies abandoning plans for IPO or SPAC transactions should consider the deductibility of transaction costs and termination fees.

Appeals court affirmed U.S. Court of International Trade decision allowing substitution drawback of certain excise taxes and customs duties.

After 17 months of internal discussions, the German administration approved a draft bill to implement the EU Anti-Tax Avoidance Directives.

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.

American Rescue Plan Act of 2021 creates $28.6 billion grant program for restaurants and other food or beverage service companies.

Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.

The German Ministry of Finance has released new guidance clarifying withholding treatment of IP registered in Germany.

LB&I’s compliance campaign focuses on taxpayer reporting of purchase price allocations in taxable asset acquisitions.

UK government provides relief from DAC6, reducing the scope of reporting for UK intermediaries with cross-border transactions.

Industry backed legislation passed by Congress to make permanent excise tax rate reductions for craft beer, wine, and distilled spirits.

IRS releases a statement announcing that the application period for the CAP program is now open to qualifying corporations for 2021.

The IRS updated taxpayers on its operations status and recognized the delays in processing check payments due on July 15, 2020.

Mississippi will require marketplace facilitators to register to collect and remit sales and use taxes beginning July 1, 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.

Louisiana will require marketplace facilitators to register and collect and remit the state and local sales tax beginning July 1.

TTB adopted, with minor changes, temporary regulations on alcohol tax filing dates implementing 2015 PATH Act for eligible excise taxpayers.

New TTB FAQ addresses requirements for a winery holding remote wine tastings with customers, including tax, labeling, and container sizes.

TTB issued FAQs providing guidance for refund claims on taxpaid beer for brewers when unmerchantable beer is destroyed during COVID-19.

Notice 2020-32 disallows deductions for expenses paid with loan proceeds from the PPP when loan forgiveness occurs.