by Rupinder | Dec 29, 2020 | Uncategorized
Treasury and the IRS are set to begin sending a second round of Economic Impact Payments (EIPs) as established under the recently enacted Consolidated Appropriations Act, 2021. President Trump signed the fiscal year 2021 appropriations and economic relief measure...
by Rupinder | Dec 29, 2020 | Uncategorized
The Senate Finance Committee (SFC) has released a section-by-section summary of the tax provisions under the recently enacted COVID-Related Tax Relief Act of 2020. President Trump signed into law the Consolidated Appropriations Act, 2021, which includes the COVID...
by Rupinder | Dec 22, 2020 | Uncategorized
The IRS has issued final regulations, (T.D. 9941) on certain accounting changes to sections 451(b) and (c) made under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97). The final rules provide guidance on the timing of income inclusion under an accrual method of...
by Rupinder | Dec 21, 2020 | Uncategorized
Legislative text has been released for the next bipartisan economic relief package, which includes changes and enhancements to the Paycheck Protection Program (PPP). The 5593-page Consolidated Appropriations Act, 2021 includes several tax-related provisions. *Please...
by Rupinder | Dec 21, 2020 | Uncategorized
The bipartisan push on Capitol Hill for Paycheck Protection Program (PPP) deductibility has succeeded. Lawmakers confirmed late in the day on December 20 that a provision clarifying the congressional intent for the PPP that ordinary and necessary business expenses are...
by Rupinder | Dec 9, 2020 | Uncategorized
Treasury and the Small Business Administration (SBA) late in the evening of December 9 updated the Paycheck Protection Program (PPP) Loans FAQs regarding the recently imposed and controversial loan necessity questionnaires. Specifically, number 53 of the updated FAQs...
