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The IRS issued employee retention credit guidance which clarifies and describes retroactive changes under the new law that apply to 2020, primarily relating to expanded eligibility for the credit for taxpayers who took Paycheck Protection Program (PPP) loans. Continue Reading
The AICPA called on Congress to extend the application period for the Paycheck Protection Program (PPP) by at least 60 days. Continue Reading
Even after the coronavirus, the accounting profession will need to keep changing and adapting at a rapid pace. Continue Reading
The IRS today issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters in 2020. Continue Reading
The $1.9 trillion stimulus plan passed by the House of Representatives early Saturday contains many tax provisions, including a new round of economic impact payments, a tax credit for COBRA continuation coverage, and the expansion of several other tax credits. Continue Reading
The House passed a $1.9 trillion COVID-19 relief package early Saturday that includes $1,400 stimulus checks to individuals, an extension of unemployment benefits, and tens of billions in aid for small businesses and not-for-profits. Continue Reading
In response to the COVID-19 pandemic, Congress enacted temporary special rules for health flexible spending arrangements (FSAs) and dependent care assistance programs under Sec. 125 cafeteria plans. The IRS has now provided these plans with more discretion in 2021 and 2022. Continue Reading
The IRS announced that under the COVID-related Taxpayer Certainty and Disaster Tax Relief Act of 2020, FSA programs now have additional discretion in 2021 and 2022 to adjust to help employees meet the consequences of the pandemic. Continue Reading
The COVID-19 pandemic caused 2020 to shape up as one of the most difficult years ever for taxpayers and tax practitioners alike. Here are some strategies and best practices that practitioners should keep in mind when requesting penalty abatement from the IRS on behalf of clients. Continue Reading
To properly respond to business challenges during the pandemic, multinational enterprises should reevaluate transfer-pricing strategies, especially application of the arm's-length standard. Continue Reading