United States
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.
American Rescue Plan Act of 2021 creates $28.6 billion grant program for restaurants and other food or beverage service companies.
Biden-Harris administration announces changes to PPP including a 14-day exclusive access period for businesses with fewer than 20 employees.
The IRS updated taxpayers on its operations status and recognized the delays in processing check payments due on July 15, 2020.
TTB FAQs allowing for the destruction of beer off brewery premises and waiver of notice of intent to destroy were extended through Sept. 1.
New TTB FAQ addresses requirements for a winery holding remote wine tastings with customers, including tax, labeling, and container sizes.
TTB issued FAQs providing guidance for refund claims on taxpaid beer for brewers when unmerchantable beer is destroyed during COVID-19.
Notice 2020-32 disallows deductions for expenses paid with loan proceeds from the PPP when loan forgiveness occurs.
TTB has extended its waivers for certain distilleries wishing to produce hand sanitizer through the 2020 calendar year.
Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.
Corporate taxpayers filing a consolidated return have an added layer of rules to navigate when carrying back a net operating loss.
The IRS provided long-awaited guidance for taxpayers anxious to take advantage of the NOL provisions in the CARES Act.
Recent guidance extends certain deadlines for LIHTC, WOTC, and Historic Rehabilitation tax credits because of COVID-19.
Recent guidance provides that certain deadlines, including the allowable time to invest in a QOF, are now extended because of COVID-19.
The IRS issued guidance extending the time for taxpayers to file certain Form 3115s and Form 1128s to July 15, 2020.
As businesses renegotiate debts in the aftermath of COVID-19, it is critical to understand whether the debt is considered publicly traded.
Accelerating worthless stock deductions on an insolvent subsidiary without disposing of the business to increase NOL carrybacks.
Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.