Congress passes law containing PPP tax fix; second-draw program
After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
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Progress continues on PPP deductibility ‘fix’
Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductibility of PPP expenses.
IRS creates new Form 1099-NEC for filing year 2020
The IRS created a new Form 1099-NEC to report nonemployee compensation with a different due date than Form 1099-MISC.
IRS issues interim guidance on backlog of fuel credit claims
The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.
IRS issues guidance on 401(k) and 403(b) Plans
IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.