Ideas & Insights

Proposals include a $500,000 cap on gain deferral for like-kind exchanges and eliminating stepped-up basis with a $1 million exemption.

SBA announces opening date for Restaurant Revitalization Fund – Registration on April 30 at 9 am EDT; applications on May 3 at 12 pm EDT.

IRS safe harbor for fiscal year taxpayers on accounting period in which to deduct PPP expenses provides choices and certainty.

After technical issues caused the SBA to shut down the SVOG Portal earlier this month, the Portal will relaunch with a revised application.

Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.

U.S. private equity and venture capital funds with German investors have an additional 6 months to file German partnership returns for 2019.

IRS extended use of digital & electronic signatures for tax forms & documents & use of email for sending/receiving certain documents.

Law enforcement and financial institutions have detected numerous instances of potential frauds related to health care benefit programs.

SBA releases draft application as well as a program guide for the Restaurant Revitalization Fund. Potential applications should review.

The Restaurant Revitalization Fund is coming – SBA website soon to be operational – applicants should be ready.

IRS Issued Notice 2021-24 to extend relief for failure to deposit employment taxes for employers anticipating credits.

Budget bill increases personal and corporate tax rates, enacts a SALT deduction workaround and makes other changes to the tax code.

The IASB has extended the application period for the IFRS 16 practical expedient for covid-19-related rent concessions.

Notice 2021-25 provides temporary relief on deductions for food or beverage under the Taxpayer Certainty and Disaster Relief Act.

The Relief Act made changes on how the Employee Retention Tax Credit works during the first two quarters of 2021.

Comprehensive legislation addresses conformity, Paycheck Protection Program expense deduction, CAT exclusions and pass-through withholding.

Expanded FAQs further clarify that institutions do not report grant funds paid to students, and students do not include amounts in income.

This Alert describes and explains the postponement of certain federal tax filing and payment deadlines in IRS Notice 2021-21.

Kentucky passes a series of tax bills intended to attract cryptocurrency miners with new exemptions and credits.

PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.