Ideas & Insights

Our coronavirus white paper has been updated for financial reporting matters related to the Consolidated Appropriations Act, 2021.

Our article discusses weighting evidence in discerning whether a valuation allowance should be recognized for deferred tax assets.

A roundup of considerations for companies while preparing income tax provisions for the year-ended Dec. 31, 2020.

Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.

SBA releases two PPP reopening guidance packages. The first round of guidance provides information for new PPP borrowers.

SBA releases two PPP reopening guidance packages. The second guidance package provides information for eligible second draw PPP borrowers.

Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.

In response to the COVID-19 pandemic, Notice 2021-7 allows taxpayers to switch valuation methods for employer-provided vehicles.

The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.

The 2021 Consolidated Appropriations Act passes Congress and includes many extended and improved tax credits and incentives.

Potential extension of the financial reporting relief related to TDRs and CECL provided to certain financial institutions in the CARES Act.

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.

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.