Ideas & Insights

Here are five matters that board members may want to think about prior to their next virtual or socially distant meeting.

TEGE will resume exam activities on July 16, 2020 and will allow agents and managers to exercise discretion in granting IDR extensions.

Changes to NOL rules under the TCJA and CARES Act are implemented for consolidated corporate groups under new proposed regulations.

Plan sponsors have until July 31, 2019, to pay the patient-centered outcomes research fee on health plans for plan years ending in 2018.

Temporary regulations provide election filing procedures to implement retention of NOL tax benefits by acquiring consolidated group.

Revenue Procedure 2020-37 lists depreciation limits for owners and lessees of passenger automobiles placed in service or leased in 2020.

California Office of Tax Appeals determined that a construction company could not use a resale certificate for material purchases.

Congress extends PPP timeline for approved applications through Aug. 8, 2020; SBA releases data set of borrower information.

DOL proposes prohibited transaction exemption for Financial Institutions and Investment Professionals providing advice to participants.

Expanded eligibility ending Nov. 30, 2020 presents an opportunity for businesses to come into compliance with certain state taxes.

IRS explains taxability of Provider Relief Fund reimbursements made to health care providers pursuant to the CARES Act.

The revised sales tax nexus standards reduce the current $500,000 threshold to $100,000 beginning Oct. 1, 2020.

Applications to sell unused state net operating losses and state research and development credits available the week of May 1, 2020.

The previous June 30 deadline to carryback 2018 NOLs on Form 1139 and Form 1045 has been extended to July 15.

Revised conformity excludes certain net operating loss and excess business loss provisions effective for 2019 tax years.

Mississippi will require marketplace facilitators to register to collect and remit sales and use taxes beginning July 1, 2020.

The state will decouple from the taxpayer-friendly interest expense and net operating loss provisions of the federal CARES Act.

Join RSM in a discussion of the changes and considerations covered by the exempt organization executive compensation proposed regulations.

The Sixth Circuit held that the DOJ should have been permitted to provide evidence regarding a taxpayer’s historic R&D credit information.

Due to the COVID-19 pandemic and economic crisis, the IRS will permit employers to adopt midyear amendments to plan contribution formulas.