Ideas & Insights

Tax bills provide Paycheck Protection Program conformity and revise pass-through entity election for s corporations.

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

Employers can add flexibility to their health flexible spending accounts and dependent care assistance programs per Notice 2021-15.

The legislation significantly changes the corporate tax system and exempts certain COVID-19 relief from taxation.

Electing employers may withhold income tax from employee wages as if the wages were earned from work performed at a primary work location.

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.

Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.

After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.

Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.

The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.

PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).

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.