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2020 Tax Year-In Review

Tax Briefing: 2020 was an unprecedented year across the social, economic, and political spectrum. It was a year that saw ...
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Information Reporting Waived for Nontaxable COVID Assistance

The IRS has waived the requirement to. Read More

Relief for Automobile Lease Valuation Rule Users

Due to the COVID-19 pandemic ... Read More

Relief for Certain Excess Business Loss-Related Underpayments

Estimated tax underpayment penalties under ... Read More

Period for Paying Deferred Employee Payroll Tax Extended

The IRS has extended the time ... Read More

Reporting Penalty Relief for Partnerships

The IRS has issued guidance that provides ... Read More

Final Regs Address the Deduction Limit for Compensation in Excess of $1,000,000

Final regulations provide guidance ... Read More

Safe Harbor for Electing Real Property Trade or Business

The IRS has provided a safe harbor ... Read More

Final Regulations Released on Small Business Simplified Accounting Rules

The IRS has released final regulations addressing ... Read More

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IRS Warns Taxpayers and Tax Professionals Against Scams and Identity Theft Schemes

By: Andrew Presti, Senior Partner

This year marks the 5th Annual National Tax Security Awareness Week-a collaboration by the IRS, state tax agencies and the tax industry. The IRS and the Security Summit partners have issued warnings to all taxpayers and tax professionals to beware of scams and identity theft schemes by criminals taking advantage of the combination of holiday shopping, the approaching tax season and coronavirus concerns. The 5th Annual National Tax Security Awareness Week coincided with Cyber Monday ... Read More

PPP Deduction Safe Harbor if Loan Not Forgiven

By: Salvatore Russo, CPA, Partner

The IRS has released rulings concerning deductions for eligible Paycheck Protection Program (PPP) loan expenses. The rulings:

• deny a deduction if the taxpayer has not yet applied for PPP loan forgiveness, but expects the loan to be forgiven; and

• provide a safe harbor for deducting expenses if PPP loan forgiveness is denied or the taxpayer does not apply for forgiveness ... Read More

Guidance on Business Deductions of PPP Loan Recipients

By: Elias Koumniotes, Senior Tax Manager

The IRS has issued guidance clarifying that taxpayers receiving loans under the Paycheck Protection Program (PPP) may deduct their business expenses, even if their PPP loans are forgiven. The IRS previously issued Notice 2020-32 and Rev. Rul. 2020-27, which stated that taxpayers who received PPP loans and had those loans forgiven would not be able to claim business deductions for their otherwise deductible business expenses.

The COVID-Related Tax Relief Act of 2020 ( P.L. 116-260) amended the CARES Act ( P.L. 116-136) to clarify that business expenses paid with amounts received from loans under the PPP are... Read More