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    Tax

    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

    Untangling the Technical | Biden’s Tax Plan: What to Expect

    January 20, 2021

    What could a change in administration and a shift in Senate majority mean for taxes? Frazier & Deeter tax experts LeighAnn Costley and Bryce Nations discuss potential tax changes by the Biden administration. Listen now using the player below or... Read More

    SBA Sets Up Second Draw PPP Loan Program

    January 11, 2021

    The Small Business Administration (SBA) has launched the next phase of the PPP loan program, with second draw loans available for existing recipients and more money for first-time borrowers. Guidance on the expanded program was released just over two weeks... Read More

    IRS Says No Negative Tax Effects from PPP Loan Forgiveness

    January 11, 2021

    The tax section of the new stimulus Act, the Tax Relief Act of 2020, cleared up a very important question about PPP loans. Normal business deductions, such as payroll, mortgage interest, rent and utilities, are deductible even if they are... 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

    Culture of Compliance | Global Mobility: What are the Compliance Risks?

    December 15, 2020

    With employees working remotely as the norm, many have opted to shift their work location to a place far from the office. This could have tax implications for both the employer and employee. Sabrina Serafin interviews Jonathan Clark and Kristin... Read More

    Second Set of Final Bonus Depreciation Rules Address Improvements, Used Property Issues

    October 26, 2020

    Additional first-year depreciation rules have been released by the IRS to clear up issues relating to the increased deduction and the expansion of qualified property, including some classes of used property. The new final regulations also address rules not covered... 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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