Ideas & Insights

Section 4960 final rules generally adopt the proposed regulations with some minor, taxpayer favorable modifications.

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.

Section 501(c)(4) organizations must submit applications for tax-exempt status to the IRS electronically through pay.gov.

Notice 2021-01 provides that private foundations may paper file Form 4720 until electronic filing of the form becomes available in 2021.

The IRS created a new Form 1099-NEC to report nonemployee compensation with a different due date than Form 1099-MISC.

The IRS provides welcome guidance to higher education institutions that made emergency relief grants to students.

The regulations largely mirror the proposed regulations with additional, mostly favorable, clarifications for taxpayers.

IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.

Treasury and the IRS release final guidance to exempt organizations for separately computing UBTI under section 512(a)(6).

The Treasury 2020-2021 Priority Guidance Plan contains numerous anticipated projects affecting exempt organizations.

The TE/GE division’s 2021 program letter contains a summary of its priorities for the fiscal year and a new compliance priority webpage.

Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.

Rev. Proc. 2020-45 provides annual inflation adjustments for more than 60 tax provisions, including those affecting exempt organizations.

Some exempt organizations that timely filed Form 990 series returns or notices are receiving erroneous auto-revocation notices.

New regulations under section 4968 provide favorable guidance to private colleges and universities subject to the excise tax.

Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.

Amendments to section 162, 164, and 170 regs. formalize safe harbors for payments to charitable organizations in exchange for SALT credits.