(212) 736-0055

Schedule Your Small Business Success Consultation

Blog

Donald Sager

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, […]

Read more
Tracy Tasch

Proposed Regulations Address Small Business Simplified Accounting Rules

Proposed Regulations Address Small Business Simplified Accounting Rules Proposed regulations adopt the post-2017 simplified accounting rules for small businesses. Implementation The Tax Cuts and Jobs Act ( P.L. 115-97) put in place a single $25 million gross receipts test (adjusted annually for inflation after 2018) for determining whether certain taxpayers can use the cash method […]

Read more
Tracy Tasch

Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons

Proposed Regs Address Books and Witnesses Examinations by Non-Government Persons The IRS has released proposed regulations that implement new Code Sec. 7602(f), which bars non-government persons who are hired by the IRS from questioning a witness under oath whose testimony was obtained pursuant to a summons issued under Code Sec. 7602. The regulations prohibit any […]

Read more
Tracy Tasch

IRS Issues Proposed Regulations on Partnership Carried Interests

IRS Issues Proposed Regulations on Partnership Carried Interests The IRS has issued proposed regulations that implement the “carried interest” rules under Code Sec. 1061 adopted by Congress as part of the Tax Cuts and Jobs Act of 2017 ( P.L. 115-97). Some key aspects of the lengthy proposed regulations include the definition of important terms, […]

Read more
Tracy Tasch

Guidance on CARES Act Defined Benefit Plan Funding Relief

Guidance on CARES Act Defined Benefit Plan Funding Relief The IRS has provided guidance on the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations, under Act Sec. 3608 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136). The guidance clarifies application of the extended […]

Read more