October 2020 Newsletter
Wayne Naegele discusses, “Guidance Released on Employee Payroll Tax Deferral”. Brian Whelan examines, “Clarifies Provisions of the SECURE and the Bipartisan American Miners Act”. Angelica Farrell discusses, “Final Regulations Limit Dividends Received Deduction”.
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October 13, 2020
Wayne Naegele- Author's Bio
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Guidance Released on Employee Payroll Tax Deferral
Guidance Released on Employee Payroll Tax Deferral The Treasury and IRS have issued guidance on the recent order by President Trump to defer certain employee payroll tax obligations on wages paid from September 1, 2020, through December 31, 2020. Under the guidance: the due date for the withholding and payment of the employee’s portion of […]
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- October 13, 2020
- Brian Whelan
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IRS Clarifies Provisions of the SECURE and the Bipartisan American Miners Acts
IRS Clarifies Provisions of the SECURE and the Bipartisan American Miners Acts The IRS has released guidance in the form of questions and answers with respect to certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and the Bipartisan American Miners Act of 2019 (Miners Act). Business CreditThe […]
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- October 13, 2020
- Angelica Farrell
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Final Regulations Limit Dividends Received Deduction
Final Regulations Limit Dividends Received Deduction The Treasury and IRS have issued final regulations that limit the Code Sec. 245A dividends received deduction and the Code Sec. 954(c) exception on distributions supported by certain earnings and profits not subject to the integrated international tax regime created by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Proposed regulations and […]
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- October 13, 2020
- Salvatore Russo
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2020-2021 Special Per Diem Rates Released
2020-2021 Special Per Diem Rates Released The IRS has released the 2020-2021 special per diem rates. Taxpayers use the per diem rates to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from home. These special per diem rates include the special transportation industry meal and incidental expenses (M&IEs) rates, the […]
Read more- October 13, 2020
- Salvatore Russo
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Distributions by Terminated S Corporations Addressed in Final Regs
Distributions by Terminated S Corporations Addressed in Final Regs. Treasury has issued final and amended regulations on the rules for distributions made by terminated S corporations during the post-termination transition period (PTTP). These regulations apply after an S corporation has become a C corporation. Generally, the regulations are applicable as of the date they are […]
Read more- October 13, 2020
- Salvatore Russo
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Final Regs. Clarify Ratable Rehabilitation Credit is Still a Single Credit
Final Regs. Clarify Ratable Rehabilitation Credit is Still a Single Credit Final regulations clarify that the amount of the rehabilitation credit for a qualified rehabilitated building (QRB) is determined as a single credit in the year the QRB is placed in service. This is the case even though the credit is allocated ratably over a […]
Read more- October 13, 2020
- Salvatore Russo
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Final Regulations Provide Additional BEAT Guidance
Final Regulations Provide Additional BEAT Guidance Final regulations provide additional guidance on the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The regulations also address certain aspects of the BEAT under Code Secs. 1502 and 6031. The final regulations retain the basic approach and structure of the 2018 proposed regulations ( NPRM REG-112607-19), with certain revisions. The final […]
Read more- October 13, 2020
- Salvatore Russo
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Final Regulations Update Definition of Qualifying Relative
Final Regulations Update Definition of Qualifying Relative The IRS has released final regulations that clarify the definition of a “qualifying relative” for purposes of various provisions for tax years 2018 through 2025. These regulations generally affect taxpayers who claim federal income tax benefits that require a taxpayer to have a qualifying relative. Effective DateThese regulations are effective […]
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- Wayne Naegele
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PPP Forgiveness Application
October 5, 2020 Dear Clients, Colleagues and Friends, As you may be aware, many banks and lenders have released their applications for PPP loan forgiveness. At this time, we recommend holding off on submitting forgiveness applications until at least November, as further modifications to the application and lender processes are expected. We will share significant […]
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