News and Insights

Congress passes law containing PPP tax fix; second-draw program

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

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’

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 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 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

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

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

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 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

Treasury Priority Guidance Plan 2020-2021 – Exempt Organizations

The Treasury 2020-2021 Priority Guidance Plan contains numerous anticipated projects affecting exempt organizations.
IRS releases 2021 TE/GE program letter and compliance priority webpage

IRS releases 2021 TE/GE program letter and compliance priority webpage

The TE/GE division’s 2021 program letter contains a summary of its priorities for the fiscal year and a new compliance priority webpage.
SBA publishes loan necessity questionnaire for PPP borrowers

SBA publishes loan necessity questionnaire for PPP borrowers

Borrowers (and affiliates) that have PPP Loans of $2 million or greater should be prepared to provide additional information to SBA.
Borrower’s accounting for debt restructurings and modifications

Borrower’s accounting for debt restructurings and modifications

A recent FASB Staff Educational Paper provides an overview of the accounting guidance for common debt modifications and exchanges.
Top 5 missteps to endowment management under UPMIFA

Top 5 missteps to endowment management under UPMIFA

Are you managing your endowment funds under the current rules? See how you match up to these common issues in the application of UPMIFA.
RSM US Middle Market Business Index Reopening the Middle Market

RSM US Middle Market Business Index Reopening the Middle Market

RSM's special report provides insights into how executives consider government guidance, employee readiness, COVID-19 case numbers and more.
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