Trump Signs PPP Application Extension Bill
On July 4, President Donald Trump signed into law a Paycheck
Protection Program (PPP) application extension bill that Congress
had quickly passed just before the Independence Day holiday.
According to...
Supreme Court Upholds ACA Contraceptive Rule
The U.S. Supreme Court upheld the Trump Administration’s rule under
the Affordable Care Act (P.L. 111-148) that any nongovernment,
nonpublicly traded employer can refuse to offer contraceptive c...
Guidance on Reporting COVID-19 Qualified Sick and Family Leave Wages
The IRS has issued guidance to employers on the requirement to
report the amount of qualified sick and family leave wages paid to
employees under the Families First Coronavirus Response Act
(Families ...
Mid-Year Safe Harbor Plan Amendments and COVID-19 Relief
The IRS has clarified and provided relief for mid-year amendments
reducing safe harbor contributions. An updated safe harbor notice
and an election opportunity must be provided even if the change is
o...
IRS Amends 199A Regs on Suspended Losses and RICs
The IRS amended final regulations with guidance on the Code
Sec. 199A deduction for suspended losses and shareholders of
regulated investment companies (RICs). The amendments address the
tre...
Final Regulations Issued on FDII and GILTI Deduction
The Treasury and IRS have issued final regulations covering
the Code Sec. 250 deduction for foreign-derived
intangible income (FDII) and global intangible low-taxed income
(GILTI). Proposed ...
IRS Encourages Abusive Conservation Easement Taxpayers to Settle
The IRS is calling on any taxpayers involved in syndicated
conservation easement transactions who receives a settlement offer
from the agency to accept it soon. The Service made this request in
the wa...
Major tax changes expected under Trump Administration
One month after the presidential election, taxpayers are learning
more about President-elect Donald Trump’s tax proposals for his
administration. Although exact details, including legislative la...
Are IRS Q&As authoritative guidance?
The Tax Code is among the most complex of all federal statutes. To
explain the Code, the IRS issues guidance. Recently, the IRS has
used the “Frequently Asked Question (FAQ)” format to exp...
