(212) 736-0055

Schedule Your Small Business Success Consultation

Blog

Tracy Tasch

Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit

Final Regulations, Proposed Safe Harbor Issued for Section 163(j) Business Interest Limit The IRS has issued final regulations regarding the limitation for the business interest expense deduction under Code Sec. 163(j), including recent legislative amendments made for the 2019 and 2020 tax years. Also, a safe harbor has been proposed allowing taxpayers managing or operating […]

Read more
Thomas Zanata

CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs

CARES Act Provides Favorable Tax Treatment for Withdrawals from Retirement Plans, IRAs The IRS has reminded taxpayers that the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136) can provide favorable tax treatment for withdrawals from retirement plans and Individual Retirement Accounts (IRAs). Under the CARES Act, individuals eligible for coronavirus-related relief may […]

Read more
Elias Koumniotes

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral

AICPA Urges IRS, Treasury to Issue Guidance on Payroll Tax Deferral The American Institute of CPAs (AICPA) has urged the IRS and Treasury in an August 12 letter to issue guidance on President Trump’s payroll tax deferral memorandum. The executive action signed by the president on August 8 instructs Treasury to defer the collection and […]

Read more
Wayne Naegele

PPP Forgiveness Application Update

August 31, 2020 Dear Clients, Colleagues and Friends, After a fast-paced roll out followed by subsequent sets of modifications to COVID-19-related government legislation and assistance programs, such as the PPP & EIDL, there has been a lull in significant updates for the past several weeks. Although these changes appear to be leveling off, we have […]

Read more
Steve Grgas

Coronavirus-Related Distributions and Plan Loan Guidance

Coronavirus-Related Distributions and Plan Loan Guidance The IRS has issued guidance on coronavirus-related distributions and plan loans. The guidance presents the rules set out in Act Sec. 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136); adds three new categories to the list of individuals who qualify due to adverse financial […]

Read more