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Archive for January 14th, 2021

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apresti

IRS Warns Taxpayers and Tax Professionals Against Scams and Identity Theft Schemes

IRS Warns Taxpayers and Tax Professionals Against Scams and Identity Theft Schemes This year marks the 5th Annual National Tax Security Awareness Week-a collaboration by the IRS, state tax agencies and the tax industry. The IRS and the Security Summit partners have issued warnings to all taxpayers and tax professionals to beware of scams and […]

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srusso

PPP Deduction Safe Harbor if Loan Not Forgiven

PPP Deduction Safe Harbor if Loan Not Forgiven The IRS has released rulings concerning deductions for eligible Paycheck Protection Program (PPP) loan expenses. The rulings: deny a deduction if the taxpayer has not yet applied for PPP loan forgiveness, but expects the loan to be forgiven; and provide a safe harbor for deducting expenses if […]

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ekoumniotes

IRS Spotlights Upcoming Tax Filing Season

IRS Spotlights Upcoming Tax Filing Season As part of a series of reminders, the IRS has urged taxpayers get ready for the upcoming tax filing season. A special page ( https://www.irs.gov/individuals/steps-to-take-now-to-get-a-jump-on-next-years-taxes), updated and available on the IRS website, outlines steps taxpayers can take now to make tax filing easier in 2021. Taxpayers receiving substantial amounts of […]

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lvarela

Final Regs Define “Real Property” for Like-Kind Exchanges

Final Regs Define “Real Property” for Like-Kind Exchanges Final regulations clarify the definition of “real property” that qualifies for a like-kind exchange, including incidental personal property. Under the Tax Cuts and Jobs Act (TCJA, P.L. 115-97), like-kind exchanges occurring after 2017 are limited to real property used in a trade or business or for investment. The final regulations […]

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lvarela

Final Regs on Silo Rules for Calculating UBTI

Final Regs on Silo Rules for Calculating UBTI The IRS has issued final regulations with guidance on how a tax-exempt organization can determine whether it has more than one unrelated trade or business, how it should identify its separate trades and businesses, and how to separately calculate unrelated business taxable income (UBTI) for each trade […]

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lvarela

Final Regulations Address Transportation Fringe Benefits

Final Regulations Address Transportation Fringe Benefits The IRS has issued final regulations under Code Sec. 274 relating to the elimination of the employer deduction of for transportation and commuting fringe benefits by the Tax Cuts and Jobs Act ( P.L. 115-97), effective for amounts paid or incurred after December 31, 2017. The final regulations address the disallowance of […]

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lvarela

Final Regulations Coordinate Code Sec. 245A DRD Limit and GILTI Disqualified Basis Rule

Final Regulations Coordinate Code Sec. 245A DRD Limit and GILTI Disqualified Basis Rule Final regulations issued by the Treasury and IRS coordinate the extraordinary disposition rule that applies with respect to the Code Sec. 245A dividends received deduction and the disqualified basis rule under the Code Sec. 951A global intangible low-taxed income (GILTI) regime. Information reporting rules are also […]

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lvarela

IRS Extends Term of Gaming Industry Tip Compliance Agreement

IRS Extends Term of Gaming Industry Tip Compliance Agreement The IRS has modified Rev. Proc. 2007-32, I.R.B. 2007-22, 1322, to provide that the term of a Gaming Industry Tip Compliance Agreement (GITCA) is generally five years, and the renewal term of a GITCA is extended from three years to a term of up to five years. […]

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lvarela

IRS Proposes Regs on Centralized Partnership Audit Regime

IRS Proposes Regs on Centralized Partnership Audit Regime NPRM REG-123652-18 The IRS has issued proposed regulations for the centralized partnership audit regime that: clarify that a partnership with a QSub partner is not eligible to elect out of the centralized audit regime; add three new types of “special enforcement matters” and modify existing rules; modify […]

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wnaegele

PPP Opens For All Participating Lenders

January 14, 2021 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced yesterday that they will re-open the Paycheck Protection Program (PPP) Loan portal to all participating PPP lenders to submit First Draw and Second Draw PPP Loan applications beginning Tuesday, January 19, 2021. The SBA […]

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