News & Insights

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).

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.