Tag: irs

PPP and State Tax Implications
IRS Rules on Federal PPP Expense Deductions; State Tax Questions Remain

The IRS issued a ruling allowing federal tax deductions for PPP expenses, but questions remain…

Read More
SALT Deduction Cap Does Not Apply to Pass-Throughs
IRS Clarifies That SALT Deduction Cap Does Not Apply to Pass-Through Entities

The IRS announced state and local income taxes will be deductible at the pass-through entity…

Read More
IRS Makes Changes To Tax Capital Reporting Requirements

In a welcome development, the IRS has changed course with regard to partnership capital account…

Read More
IRS Changes To Tax Capital Reporting Requirements
2021 Cost of Living Adjustments for Qualified Retirement Plans

The government’s annual cost-of-living adjustments (COLA) for 2021 have been announced by the Internal Revenue…

Read More
Tax Concerns for PPP Borrowers
Tax Concerns Loom for PPP Borrowers Going into Year-End

Tax concerns loom for PPP borrowers; current guidance indicates expenses related to any loan forgiveness…

Read More
Collaboration Arrangements in Life Sciences
Tax Considerations in Life Sciences Collaboration Arrangements

Collaborative agreements within the life sciences sector generally provide for three types of payments. To…

Read More
Businesses Prepare for IRS Form 1099-NEC
Businesses: Prepare to Issue IRS Form 1099-NEC

Businesses that would typically provide a Form 1099-MISC to independent contractors (and certain others) and…

Read More
Payroll Tax Deferral Executive Order
IRS Addresses President’s Executive Order on Payroll Tax Deferral

The IRS provided some needed guidance for employers wondering whether and how to comply with…

Read More
Accounting Methods
Proposed Small Business Taxpayer Regulations Address Accounting Methods Simplification

The IRS released an advance copy of proposed regulations for small business taxpayers to implement…

Read More
Retirement Planning
IRS Extends Relief for 2020 RMD Waivers and Rollovers

IRS extended the deadline for retirement plan participants to return an unwanted RMD to their…

Read More