News and Insights
- Affordable Care Act
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Game-changing updates to the Employee Retention Tax Credit
Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed.
SBA releases guidance on PPP second draw loans
SBA releases two PPP reopening guidance packages. The second guidance package provides information for eligible second draw PPP borrowers.
SBA releases guidance on PPP continued access program
SBA releases two PPP reopening guidance packages. The first round of guidance provides information for new PPP borrowers.
PPP eligibility expanded to certain section 501(c)(6) organizations
Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
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.
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.
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.
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 issues guidance on 401(k) and 403(b) Plans
IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
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).
Nonprofit Industry Webcast Series 2020
Join our nonprofit industry series as we explore current accounting, tax and other operational issues affecting nonprofit organizations.
IRS releases final regulations on like-kind exchanges
The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.
Final regulations released on separately computing UBTI
Treasury and the IRS release final guidance to exempt organizations for separately computing UBTI under section 512(a)(6).
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.
Treasury Priority Guidance Plan 2020-2021 – Exempt Organizations
The Treasury 2020-2021 Priority Guidance Plan contains numerous anticipated projects affecting exempt organizations.