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Guidance Released on Employee Payroll Tax Deferral

wnaegele

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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bwhelan

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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afarrell

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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srusso

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 […]

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srusso

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 […]

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srusso

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 […]

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srusso

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 […]

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srusso

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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wnaegele

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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dsager

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, […]

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