Ideas & Insights

The Texas Comptroller of Public Accounts has finalized revised rules making significant changes to franchise tax apportionment.

IRS modifies guidance on wages that are includible when computing section 199A deduction for taxpayers with short tax years.

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

Final regulations provide guidance related to deducting fines and penalties and related information reporting requirements.

Final regulations on the section 199A deduction and the DPAD for certain specified co-ops closely mirror guidance in proposed regulations.

The DOL has issued final regulations on the FSLA’s rules for independent contractors including gig workers, but it may be repealed.

Final air transportation excise tax regulations provide rules for aircraft management services exemption and update prior regulations.

New Jersey Gov. Phil Murphy has approved a bill that authorizes over $14 billion in business tax credits and incentives.

Final regulations address self-charged interest and trading partnerships, but reserve on tiered partnerships and other items.

Final carried interest regulations ease rules for capital interest allocations as well as related party transfers.

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

New final regulations include rules for CFCs, depreciation/amortization ‘add-back recapture’ and self-charged interest.

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

The IRS issued the final regulations for the section 45Q carbon sequestration credit after reviewing public comments.

Taxpayers should plan accordingly as the states are aware of the increase in accounting methods changes due to recent federal changes.

Disaster relief may provide liquidity for individuals and businesses located in areas affected by presidentially declared disasters.

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.

The program, scheduled to expire on Dec. 31, 2020, received a five-year extension under the recent federal spending bill.