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Archive for February 12th, 2021

lvarela

Final Regulations Address Deductibility of Fines and Penalties

Final Regulations Address Deductibility of Fines and Penalties The IRS has released final regulations that address the changes made to Code Sec. 162(f) by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97), concerning the deduction of certain fines, penalties, and other amounts. The final regulations also provide guidance relating to the information reporting […]

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lvarela

Safe Harbor for Electing Real Property Trade or Business

Safe Harbor for Electing Real Property Trade or Business The IRS has provided a safe harbor allowing a trade or business that manages or operates a qualified residential living facility to be treated as a “real property trade or business” solely for purposes of qualifying to make the Code Sec. 163(j)(7)(B) election. This guidance formalizes […]

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lvarela

Final Regulations Released on Small Business Simplified Accounting Rules

Final Regulations Released on Small Business Simplified Accounting Rules The IRS has released final regulations addressing the post-2017 simplified accounting rules for small businesses. The final regulations adopt and modify proposed regulations released in August 2020. Implementation of the Rules The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 […]

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wnaegele

Employee Retention Credit (ERC) Important Changes For PPP Loan Recipients

February 8, 2021 Dear Clients, Colleagues and Friends, By this point, many of us are familiar with some of the key highlights of the Consolidated Appropriations Act, 2021 (CAA) which was signed into law on December 27, 2020. Some of the key highlights include a new round of PPP Loans, new stimulus payments and streamlined […]

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