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.
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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.
Additional updates to Coronavirus: Financial reporting considerations
Our white paper has been updated to reflect recent financial reporting developments resulting from the Coronavirus pandemic.
Ongoing updates to Coronavirus: Financial reporting considerations
Our coronavirus white paper has been updated for financial reporting matters related to the Consolidated Appropriations Act, 2021.
Deferred tax asset valuation allowance
Our article discusses weighting evidence in discerning whether a valuation allowance should be recognized for deferred tax assets.
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.
Possible extension of TDR and CECL relief provided by CARES Act
Potential extension of the financial reporting relief related to TDRs and CECL provided to certain financial institutions in the CARES Act.
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.
A business guide to the December coronavirus relief package
The package provides additional funding for the Paycheck Protection Program and allows certain borrowers to draw second round of PPP funding
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).
COVID-19: Clarification on interagency statement on loan modifications
Clarifications have been provided on the interagency statement on loan modifications for customers affected by COVID-19.
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.
Temporary relief for FDIC Part 363 audit and reporting requirements
The FDIC recently issued an Interim Final Rule providing temporary relief for Part 363 audit and reporting requirements.