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Wayne Naegele

PPP Loan Forgiveness and Deductions Update

November 23, 2020 Dear Clients, Colleagues and Friends, The Internal Revenue Service has issued new guidance concerning the deductibility of expenses used to obtain Paycheck Protection Program (PPP) loan forgiveness. This new guidance is provided in Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The new guidance provides much needed clarity as to whether a PPP loan borrower’s decision […]

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Salvatore Russo

Final Regulation Addresses Tax Withholding on Certain Periodic Retirement and Annuity Payments

Final Regulation Addresses Tax Withholding on Certain Periodic Retirement and Annuity Payments The IRS has issued a final regulation addressing tax withholding on certain periodic retirement and annuity payments under Code Sec. 3405(a), to implement amendments made by the Tax Cuts and Jobs Act ( P.L. 115-97) (TCJA). The regulation affects payors of certain periodic payments, plan […]

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Salvatore Russo

Final Regulations Clarify Deductions Allowed to Estates, Non-Grantor Trusts

Final Regulations Clarify Deductions Allowed to Estates, Non-Grantor Trusts The IRS has released final regulations clarifying that the following deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions: costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred if the […]

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Salvatore Russo

Final Regulations on Foreign Person’s Transfer of Partnership Interest

Final Regulations on Foreign Person’s Transfer of Partnership Interest The IRS has issued final regulations that address the gain or loss of certain foreign persons on the sale or exchange of an interest in a partnership that is engaged in a trade or business in the United States. The regulations provide guidance on determining the […]

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Brian Whelan

Final Regulations Reflect TCJA Changes to Entertainment and Meal Deductions

Final Regulations Reflect TCJA Changes to Entertainment and Meal Deductions Final regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. These regulations finalize, with some changes, previously released proposed regulations, NPRM REG-100814-19. Changes to Code Sec. 274 under the TCJAFor […]

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