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    Business Tax

    PPP

    PPP Recipients Who Skipped 2020 Deductions Can Take Them in 2021

    May 19, 2021

    Taxpayers who did not take deductions in 2020 because of the IRS’s earlier position on forgiven PPP loans may be able to take the deductions in 2021, according to new IRS guidance. In the early days of the PPP program,... Read More

    SBA Tells Restaurants to Apply Now for Funds to Offset Pandemic Losses

    May 17, 2021

    The SBA has launched the Restaurant Revitalization Fund program which offers restaurants, bars and other food and drink businesses grants of up to $10 million based on their lost revenue during the pandemic. The $28.6 billion program was authorized by... Read More

    Biden’s Latest Tax Plan Would Increase Top Rate, Eliminate Favorable Capital Gains

    May 11, 2021

    President Biden has released a description of his American Families Plan, which is designed to provide far-reaching economic benefits to lower and middle-income families. The $1.8 trillion cost would be funded by increasing individual taxes on higher-income taxpayers, including a... Read More

    working from home

    Working From Home – Tax Implications for Employers

    May 4, 2021

    By – Kristin Popp-Inegbedion As employers around the world passed their one-year anniversary of working from home, many tech companies announced their employees will not have to return to offices and instead can work remotely from anywhere. Even Ford announced... Read More

    corporate tax

    Biden Seeks Corporate Tax Increases to Fund Infrastructure Plan

    April 15, 2021

    Increasing the corporate tax rate to 28% is the cornerstone of President Biden’s Made in America Tax Plan, unveiled as part of a proposed $2 trillion infrastructure and jobs program. Other tax provisions target international profit shifting, offshoring incentives and... Read More

    Restaurant Revitalization

    SBA Readies Restaurant Revitalization Grant Program

    April 15, 2021

    The last stimulus bill, the American Rescue Plan Act, authorizes a new program, the Restaurant Revitalization Fund, to give $28.6 billion in grants to restaurants, bars, food trucks and other food and drink establishments based on their lost revenue during... Read More

    Accrual Method Taxpayers Have Choices Under Income Exclusion Regs

    January 25, 2021

    The timing of income inclusion for taxpayers using the accrual method is explained in IRS final regulations, reflecting changes made by the Tax Cuts and Jobs Act. The regulations focus on taxpayers with an applicable financial statement and those that... Read More

    Executive Compensation Deduction Rules Allow More Transition Relief

    January 25, 2021

    The IRS has finalized rules for the deduction limitation on executive compensation which was revised by the TCJA. The 2017 changes further restricted the deduction, applying it to the five top executives of large publicly held corporations, including the Principal... Read More

    Final Regs on Meals and Entertainment Expenses Offer More Flexibility

    October 26, 2020

    The release of final regulations on the business deduction for meals and entertainment concludes the IRS’s rulemaking that started with the repeal of the entertainment deduction in the 2017 TCJA. The 2017 law repealed the deduction for business entertainment expenses... Read More

    Proposed Carried Interest Regs Explain Scope of 3-Year Holding Period

    October 1, 2020

    One unfavorable tax change in the Tax Cuts and Jobs Act (TCJA) was the extension of the holding period for capital gains treatment from 1 to 3 years for carried interests. Carried interests are profits interests held by investment fund... Read More

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