Will proposed corporate, international tax changes survive Congress?
President Biden’s proposed changes to corporate and international taxes face Congressional obstacles. RSM examines what’s ahead.
Knowledge Base
Search Results
Senate passes extension of Paycheck Protection Program to May 31
PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.
President Biden’s tax plan
Taxpayers should familiarize with Biden’s plan, remain vigilant for developments and position themselves to act at the appropriate times.
IRS releases final 199A regulations for co-ops and their patrons
Final regulations on the section 199A deduction and the DPAD for certain specified co-ops closely mirror guidance in proposed regulations.
PPP reopening for first draw borrowers Jan. 11; second draw Jan. 13
Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
SBA releases guidance on PPP second draw loans
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second draw program.
SBA releases guidance on PPP continued access program
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second-draw program.
Long-awaited rules issued on income recognition for accrual taxpayers
Final regulations provide accrual taxpayers certain flexibility for recognizing income and offer sought-after cost offset for sale of goods.
Congress passes appropriations bill, containing COVID-19 relief bill
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
IRS TEGE extends COVID-19 modifications to examination procedures
TEGE will continue to provide flexibility on IDR enforcement timelines and modified examination procedures due to COVID-19.
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.
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.
Payment and deduction of CARES Act employer Social Security deferral
Employers may wish to pay Social Security taxes deferred under the CARES Act before the due date and should consider certain items.