IRS expands filing and payment deadline extension
This Alert describes and explains the postponement of certain federal tax filing and payment deadlines in IRS Notice 2021-21.
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9 important tax topics for individuals and business owners in 2021
Managing significant tax changes will ensure individuals and businesses are positioned for success for the remainder of 2021 and beyond.
Hospitality industry may find relief in new ERC expansions
Despite receipt of PPP loans, hospitality businesses may be eligible for retroactive 2020 and new 2021 credits.
Partial plan terminations, 2020 and COVID-19
A consequence of COVID-19 reductions is potential partial plan termination. Learn the requirements of a partial plan termination.
Proposed quality management standards
The Auditing Standards Board has issued three proposed new standards for quality management at the firm and engagement levels.
Retirement plans under the Consolidated Appropriations Act, 2021
The Act does not lengthen CARES Act COVID plan relief, but offers relief for non-COVID disasters, partial terminations and pension plans.
COVID-19 relief Act extends and improves many credits and incentives
The 2021 Consolidated Appropriations Act passes Congress and includes many extended and improved tax credits and incentives.
Tax Policy Now: Year-end tax planning and Paycheck Protection Program
PPP borrowers cannot deduct business expenses funded by a forgiven loan, but additional legislative action could permit such deductions.
PPP borrowers may need to extend returns and forgiveness applications
PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).
IRS issues additional PPP deductibility guidance with safe harbor
IRS clarifies deduction disallowance for expenses funded by PPP and issues safe harbor for borrowers that forgo or are denied forgiveness.