Temporary and Proposed Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act

Temporary and Proposed Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act The Treasury and the IRS have issued temporary and proposed regulations to: reconcile advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act (Families First Act) ( P.L. 116-127) and the Coronavirus Aid, […]

Proposed Regulations Address Small Business Simplified Accounting Rules

Proposed Regulations Address Small Business Simplified Accounting Rules Proposed regulations adopt the post-2017 simplified accounting rules for small businesses. Implementation The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 million gross receipts test (adjusted annually for inflation after 2018) for determining whether certain taxpayers can use the cash method […]

Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons

Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons The IRS has released proposed regulations that implement new Code Sec. 7602(f), which bars non-government persons who are hired by the IRS from questioning a witness under oath whose testimony was obtained pursuant to a summons issued under Code Sec. 7602. The regulations prohibit any […]

IRS Issues Proposed Regulations on Partnership Carried Interests

IRS Issues Proposed Regulations on Partnership Carried Interests The IRS has issued proposed regulations that implement the “carried interest” rules under Code Sec. 1061 adopted by Congress as part of the Tax Cuts and Jobs Act of 2017 ( P.L. 115-97). Some key aspects of the lengthy proposed regulations include the definition of important terms, […]

Guidance on CARES Act Defined Benefit Plan Funding Relief

Guidance on CARES Act Defined Benefit Plan Funding Relief The IRS has provided guidance on the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations, under Act Sec. 3608 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136). The guidance clarifies application of the extended […]

Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit

Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit The IRS has issued final regulations regarding the limitation for the business interest expense deduction under Code Sec. 163(j), including recent legislative amendments made for the 2019 and 2020 tax years. Also, a safe harbor has been proposed allowing taxpayers managing or operating […]

CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs

CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs The IRS has reminded taxpayers that the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) can provide favorable tax treatment for withdrawals from retirement plans and Individual Retirement Accounts (IRAs). Under the CARES Act, individuals eligible for coronavirus-related relief may […]

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by the president on August 8 instructs Treasury to defer the collection and […]

PPP Forgiveness Application Update

August 31, 2020 Dear Clients, Colleagues and Friends, After a fast-paced roll out followed by subsequent sets of modifications to COVID-19-related government legislation and assistance programs, such as the PPP & EIDL, there has been a lull in significant updates for the past several weeks. Although these changes appear to be leveling off, we have […]

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Archive for September 12th, 2020

Temporary and Proposed Regulations Address Excess Employment Tax Credit Recapture Under Families First Act and CARES Act

Proposed Regulations Address Small Business Simplified Accounting Rules

Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons

IRS Issues Proposed Regulations on Partnership Carried Interests

Guidance on CARES Act Defined Benefit Plan Funding Relief

Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit

CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral

PPP Forgiveness Application Update

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