by Rupinder | Dec 2, 2020 | Uncategorized
The U.S. Small Business Administration (SBA) released late in the evening of December 1 the names, addresses, and precise loan amounts of all Paycheck Protection Program (PPP) borrowers. The disclosure comes after the United States District Court for the District of...
by Rupinder | Nov 23, 2020 | Uncategorized
Treasury and the IRS have released final regulations for section 1031 like-kind exchanges. The final rules, T.D. 9935, released on November 23, address the Tax Cuts and Jobs Act’s (TCJA) (P.L. 115-97) limitation of section 1031 like-kind exchanges to those of...
by Rupinder | Nov 20, 2020 | Uncategorized
Currently, the IRS has approximately three million pieces of mail and one million returns that remain unprocessed, IRS Commissioner Charles “Chuck” Rettig said. The IRS mail backlog is down from where it sat at over five million last month. Testifying before the House...
by Rupinder | Nov 18, 2020 | Uncategorized
Treasury and the IRS have released two pieces of guidance on the tax treatment of expenses paid for with a Paycheck Protection Program (PPP) loan. Rev. Rul. 2020-27, released late in the evening on November 18, provides sub-regulatory guidance on whether a PPP loan...
by Rupinder | Nov 16, 2020 | Uncategorized
The U.S. Small Business Administration (SBA) has been granted a temporary stay of the court order requiring the release of all Paycheck Protection Program (PPP) borrower information. The stay, which generally means to stop or suspend a judicial proceeding or order,...
by Rupinder | Nov 10, 2020 | Uncategorized
Treasury and the IRS intend to issue proposed regulations clarifying that pass-through entities can avoid the cap on state and local income tax (SALT) deductions. Notice 2020-75 The forthcoming proposed rules will clarify that state and local income taxes imposed on...
by Rupinder | Nov 5, 2020 | Uncategorized
Today, the United States District Court for the District of Columbia ordered the U.S. Small Business Administration (SBA) to release by November 19, 2020, the names and addresses of all recipients, and precise loan amounts issued under the Paycheck Protection Program...
by Rupinder | Oct 30, 2020 | Uncategorized
Treasury and the U.S. Small Business Administration (SBA) on October 30 released a Paycheck Protection Program (PPP) Loan Forgiveness Factsheet. The two-page factsheet provides borrowers with step-by-step instructions on how to apply for PPP loan forgiveness. The...
by Rupinder | Oct 24, 2020 | Uncategorized
The IRS released draft 2020 Form 1040 and 1040-SR Instructions overnight on October 23, which includes instructions for Schedules 1 through 3. Additionally, the U.S. Small Business Administration (SBA) has released, and is expected to formally publish, a Paycheck...
by Rupinder | Oct 13, 2020 | Uncategorized
The U.S. Small Business Administration (SBA), in consultation with Treasury, on October 13 released updated FAQs on Paycheck Protection Program (PPP) loan forgiveness. The sub-regulatory guidance is intended for both lenders and borrowers participating in the small...
