Payment and Deduction of CARES Act Employer Social Security Deferral
(authored by RSM US LLP) Employers may wish to pay Social Security taxes deferred under the CARES Act before the due date and should consider certain items....
09 December, 2020
CARES Act Tag
Deductibility of PPP Loan Expenses
IRS Guidance on Deductibility of PPP Loan Expenses The IRS recently issued Revenue Ruling 2020-27 that states that expenses paid using PPP funds are not deductible in 2020 if there is...
23 November, 2020
Business Loss Deductions – CARES Act Changes
To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the CARES Act eases the rules for claiming certain tax losses. This article...
18 November, 2020
Tax Planning Guide 2020-21
What word other than “unprecedented” can be used to describe the events we’ve experienced this year? During such times, tax planning is far from top of mind. But it’s still...
06 November, 2020
Real Estate: QIP Depreciation Changes
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the CARES Act. It retroactively...
06 November, 2020
Tax Relief for Businesses – CARES Act
To provide tax relief to businesses suffering during the COVID-19 pandemic, the CARES Act temporarily relaxes the limitation on deductions for business interest expense. This article explains the rules that...
06 November, 2020
COVID-19 Year-End Tax Planning
If you are reading this, that means you’ve survived what will be one of the most interesting years in your life! This year has brought changes to the way we...
03 November, 2020
Fraud Considerations in the Paycheck Protection Program
(authored by RSM US LLP) Given the lack of due diligence executed for each PPP application, it’s likely there will be a number of violations uncovered in the future....
21 October, 2020