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Lisa Varela

Final Regulations Coordinate Code Sec. 245A DRD Limit and GILTI Disqualified Basis Rule

Final Regulations Coordinate Code Sec. 245A DRD Limit and GILTI Disqualified Basis Rule Final regulations issued by the Treasury and IRS coordinate the extraordinary disposition rule that applies with respect to the Code Sec. 245A dividends received deduction and the disqualified basis rule under the Code Sec. 951A global intangible low-taxed income (GILTI) regime. Information reporting rules are also […]

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Lisa Varela

IRS Extends Term of Gaming Industry Tip Compliance Agreement

IRS Extends Term of Gaming Industry Tip Compliance Agreement The IRS has modified Rev. Proc. 2007-32, I.R.B. 2007-22, 1322, to provide that the term of a Gaming Industry Tip Compliance Agreement (GITCA) is generally five years, and the renewal term of a GITCA is extended from three years to a term of up to five years. […]

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Lisa Varela

IRS Proposes Regs on Centralized Partnership Audit Regime

IRS Proposes Regs on Centralized Partnership Audit Regime NPRM REG-123652-18 The IRS has issued proposed regulations for the centralized partnership audit regime that: clarify that a partnership with a QSub partner is not eligible to elect out of the centralized audit regime; add three new types of “special enforcement matters” and modify existing rules; modify […]

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Wayne Naegele

PPP Opens For All Participating Lenders

January 14, 2021 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced yesterday that they will re-open the Paycheck Protection Program (PPP) Loan portal to all participating PPP lenders to submit First Draw and Second Draw PPP Loan applications beginning Tuesday, January 19, 2021. The SBA […]

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Wayne Naegele

New PPP Anticipated Start Date

January 8, 2021 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration (SBA) announced today that beginning on Monday, January 11, 2021, there will be a targeted rollout of a new round of Paycheck Protection Program (PPP) Loans. The new round will initially be made available exclusively for first-time borrowers who apply at community financial […]

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