RSM US LLP

TAX ALERT IRS issues additional PPP deductibility guidance with safe harbor IRS clarifies deduction disallowance for expenses funded by PPP and issues safe harbor for borrowers that forgo or are denied forgiveness.

RSM overview of 2020-2021 Priority Guidance Plan containing guidance priorities for the 12-month period from July 1, 2020, through June 30, 2021. Released by the Treasury and IRS on Nov. 17, 2020.

The TE/GE division’s 2021 program letter contains a summary of its priorities for the fiscal year and a new compliance priority webpage.

Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.

A recent FASB Staff Educational Paper provides an overview of the accounting guidance for common debt modifications and exchanges.

In lieu of an in depth analysis, partnerships may utilize one of three ‘snapshot’ methods to comply with tax capital reporting requirements.

Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.

SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.

The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.

Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.