RSM US LLP

SBA releases two PPP reopening guidance packages. The first round of guidance provides information for new PPP borrowers.

Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.

Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.

TAX ALERT Retirement plans under the Consolidated Appropriations Act, 2021 The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.

After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.

Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.

Last push for stimulus funding before year-end provides PPP deductibility obviating need to plan around nondeductible of PPP expenses.

IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.

Nearly two years into the pandemic, there are signs that the worst of a once-in-a-century shock to the global economy is beginning to fade.

TAX ALERT PPP borrowers may need to extend returns and forgiveness applications PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).

The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.

Treasury and the IRS release final guidance to exempt organizations for separately computing UBTI under section 512(a)(6).