Ideas & Insights

IRS releases Rev. Procs. 2021-48, 2021-49 and 2021-50 to address the treatment of tax-exempt income for PPP loans.

By Dec. 31, 2021, any employer that made COVID-19-related changes to the operation of its cafeteria plan must adopt formal amendments.

Taxpayer Advocate Service is wrestling with a backlog of cases trying to navigate the changing environment of the pandemic.

The IRS revises Form 6765 so in 2021 taxpayers cannot use the same wages to calculate both the R&D credit and the employee retention credit.

We have updated two of our white papers to reflect an update in the SBA’s PPP loan FAQ for borrowers and lenders.

Small businesses that experienced losses in 2020 due to COVID-19 are eligible for grants ranging up to $250,000.

Rev. Proc. 2021-33 allows exclusion of PPP, restaurant revitalization and shuttered venue operator grants from ERTC gross receipts test.

The AICPA has issued recipient accounting guidance for Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants.

HHS recently opened the Provider Relief Fund Reporting Portal and published a related User Guide and FAQ document.

The SBA has formally notified PPP lenders that it no longer will require submission of loan necessity questionnaires. Learn more.

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.

Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.

California FTB amends remote worker nexus guidance, teleworking employees will create nexus and exceed P.L. 86-272 protections.

Guidance extends continuity safe harbors for Investment Tax Credit and Production Tax Credit if construction began between 2016-2020.

Notice 2021-42 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.

We updated the discussion about certain government assistance in our Coronavirus: Financial reporting considerations white paper.

Provides guidance into the extended approval of exemptions for distilled spirits permittees to facilitate hand sanitizer production.

Partnerships making certain narrow, and specified changes, may not need to file administrative adjustment requests.

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.