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    Accounting Topics

    PPP Updates Trigger Concern Over Loan Necessity Questionnaires

    December 22, 2020

    More guidance has been released for employers that received Paycheck Protection Program (PPP) loans relating to the Small Business Administration (SBA) “loan necessity” questionnaires. The loan necessity questionnaire is being criticized as going beyond the original requirements of the PPP... Read More

    taxpayers

    Final 2020 COVID Relief Bill Allows Deductions, More PPP Loans

    December 22, 2020

    Congress has resolved one of the most problematic tax provisions resulting from the IRS’s interpretation of the CAREs Act Paycheck Protection Program (PPP)—the disallowance of tax deductions for expenses paid with forgiven PPP funds. Those deductions have been reinstated by... Read More

    New PPP Guidance Sets Percentage of Ownership That Won’t Limit Loan Forgiveness

    October 1, 2020

    Yet another set of PPP rules has been issued by the Small Business Administration (SBA). This time establishing a nominal ownership percentage that won’t be subject to a loan forgiveness limit and on nonpayroll costs eligible for forgiveness. The clarification... Read More

    IRS Delays Regs on Loss Limits That Apply to Corporate Ownership Changes

    March 12, 2020

    When a significant number of tax groups and businesses comment on regulations, the IRS appears to listen. Six months ago, the IRS proposed regulations on computing built-in gains and losses for the Sec. 382 loss limitation that applies after a... Read More

    real estate

    More Rental Real Estate Businesses Can Qualify for QBI Deduction

    February 11, 2020

    In December 2019, the IRS created a safe harbor for rental real estate businesses to qualify for the 20% qualified business income (QBI) deduction. Now the IRS has issued new FAQs that explain how real estate companies that do not... Read More

    IRS Clarification: Who Can Take Bonus Depreciation on Used Property?

    December 3, 2019

    The IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additional depreciation deduction, enacted by the Tax Cuts... Read More

    Do Your Real Estate Activities Qualify for a 20% QBI deduction?

    December 3, 2019

    If taxpayers carefully follow new IRS rules, their income from rental real estate will be considered qualified business income (QBI) eligible for the 20% deduction. Revenue Procedure 2019-38  finalizes a safe harbor for “rental real estate enterprises” (RREEs), defined as... Read More

    Untangling the Technical

    Untangling the Technical: Revenue Recognition – Points to Ponder for Private Companies

    October 30, 2019

    Assurance and Advisory Partner Bill Godshall speaks with Mike Cheng, Frazier & Deeter’s National Professional Practice Partner and former Senior Project Manager at the Financial Accounting Standards Board (FASB), about upcoming changes to Topic 606, standards on revenue recognition and... Read More

    FASB Delays Major Upcoming Standards for Private Companies

    October 16, 2019

    On October 16th, the FASB unanimously approved an additional delay for private companies on three major upcoming standards, including Leases (Topic 842), Financial Instruments – Credit Losses (Topic 326), and Derivatives and Hedging (Topic 815). While the credit losses and... Read More

    partnership interest

    IRS Unveils New Process for Selecting Large Corporations for Audit

    June 21, 2019

    For years, Congress has been steadily cutting the IRS’s budget while piling more work on the agency with huge legislative initiatives, such as the Affordable Care Act and the Tax Cuts and Jobs Act. The result is that the audit... Read More

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