Tax & Accounting Blog
Tax & Accounting Blog
1975
Today, the Treasury and IRS issue formal guidance in Revenue Ruling 2021-02 https://www.irs.gov/pub/irs-drop/rr-21-02.pdf allowing tax deductions for eligible expenses tied to forgiven PPP loans, revoking last…
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Wolters Kluwer Tax & Accounting looks at how taxpayers can best prepare for 2021 2020 is probably a year that many will gladly put behind…
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I reported last week that the Covid-relief bill contained a provision that allowed business owners to deduct expenses paid for with PPP loans proceeds, which…
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More than 110,000 restaurants have closed permanently or long-term across the country as the industry grapples with the devastating impact of the Covid-19 pandemic. And…
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Updates on year-end stimulus and 2021 appropriations legislation After months of negotiations that seemed to continually break down, on December 20, 2020 leaders in the…
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The IRS has updated its Required Minimum Distribution (RMD) life expectancy tables. The updated tables take effect for 2022 distributions, with transition rules. This change…
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After months of difficult, partisan discussions, Congress has agreed to the next Covid-19 economic relief package. At the time of this writing, the bill text…
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The IRS recently clarified eligibility for the employee retention credit after an Acquiring Employer acquires a Target Employer that received a Paycheck Protection Program (PPP)…
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Current developments since 2017 Tax Cuts and Jobs Act enactment The Tax Cuts and Jobs Act, enacted in 2017, imposed a $10,000 cap on the…
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Congress and the Administration continue to negotiate the next economic stimulus package, including the next round of the Payroll Protection Program funding as we get…
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