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Author Archive for Lisa Varela

lvarela

IRS Amends 199A Regs on Suspended Losses and RICs

IRS Amends 199A Regs on Suspended Losses and RICs The IRS amended final regulations with guidance on the Code Sec. 199A deduction for suspended losses and shareholders of regulated investment companies (RICs). The amendments address the treatment of suspended losses included in qualified business income (QBI), the deduction allowed to a shareholder in a regulated investment company […]

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lvarela

IRS Temporarily Allows Certain Retirement Plan Participants to Sign Elections Remotely

IRS Temporarily Allows Certain Retirement Plan Participants to Sign Elections Remotely The IRS has released guidance that provides temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Specifically, the guidance provides participants, beneficiaries, and administrators of qualified retirement plans and other […]

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lvarela

Treasury, SBA Issue Updated PPP Guidance, Revised Application and Forgiveness Forms, New EZ Forgiveness Form

Treasury, SBA Issue Updated PPP Guidance, Revised Application and Forgiveness Forms, New EZ Forgiveness Form In consultation with Treasury Department, the Small Business Administration (SBA) has issued: new and revised guidance for the Paycheck Protection Program (PPP); revised PPP application forms; a revised PPP loan forgiveness application; and a new “EZ” PPP loan forgiveness application. New, Revised […]

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lvarela

Wolters Kluwer Interview: Outlook on Ever-Evolving Paycheck Protection Program

Wolters Kluwer Interview: Outlook on Ever-Evolving Paycheck Protection Program “If you can look into the seeds of time, and say which grain will grow and which will not, speak then unto me.” — William Shakespeare The Paycheck Protection Program (PPP) was enacted under the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) on March […]

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lvarela

2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding

2021 Budget Outlines Administration Priorities for Extending Tax Cuts, Increased IRS Funding On February 11, the White House released President Donald Trump’s fiscal year (FY) 2021 budget proposal, which outlines his administration’s priorities for extending certain tax cuts and increasing IRS funding. Treasury Secretary Steven Mnuchin testified before the Senate Finance Committee (SFC) on February […]

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lvarela

IRS Provides Section 199A Safe Harbor for Rental Real Estate

IRS Provides Section 199A Safe Harbor for Rental Real Estate The IRS has issued a revenue procedure with a safe harbor that allows certain interests in rental real estate to be treated as a trade or business for purposes of the Code Sec. 199A qualified business income (QBI) deduction. The safe harbor is intended to […]

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lvarela

Top Senate Tax Writers Release First Round of Bipartisan Reports Examining Tax Extenders

Top Senate Tax Writers Release First Round of Bipartisan Reports Examining Tax Extenders The Senate’s top tax writers have released the first round of bipartisan task force reports examining over 40 expired and soon to be expired tax breaks known as tax extenders. Congress is expected to address these particular tax breaks, as well as […]

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lvarela

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1

Eligible Partnerships Granted Extension to File Form 1065 and Schedules K-1 The IRS has granted a six-month extension to eligible partnerships to file a superseding Form 1065, U.S. Return of Partnership Income, and furnish corresponding Schedules K-1, Partner’s Share of Income, Deductions, Credits. For a calendar year partnership, the deadline to file Form 1065 and […]

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lvarela

Proposed Regulations Update Fleet-Average, Vehicle Cents-Per-Mile Valuation Rules

Proposed Regulations Update Fleet-Average, Vehicle Cents-Per-Mile Valuation Rules Proposed regulations increase a vehicle’s maximum value for eligibility to use the fleet-average valuation rule or the vehicle cents-per-mile valuation rule. The increase to $50,000 is effective for the 2018 calendar year. The maximum value is adjusted annually for inflation after 2018. The proposed regulations provide transition […]

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