INSIGHTS AND RESOURCES

IRS releases electronic Form 1024-A

IRS releases electronic Form 1024-A

Section 501(c)(4) organizations must submit applications for tax-exempt status to the IRS electronically through pay.gov.
Retirement plans under the Consolidated Appropriations Act, 2021

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.
Qualified residential living facilities avoid interest disallowance

Qualified residential living facilities avoid interest disallowance

Revenue procedure allows treatment of qualified residential living facility operations as a section 163(j) real property trade or business.
Attribute reduction rules for stand-alone C corporations

Attribute reduction rules for stand-alone C corporations

Learn more about the U.S. attribute reduction rules for stand-alone C corporations and how they apply to federal consolidated return groups.
Permanent excise tax breaks for craft brewers, wineries and distillers

Permanent excise tax breaks for craft brewers, wineries and distillers

Industry backed legislation passed by Congress to make permanent excise tax rate reductions for craft beer, wine, and distilled spirits.
Long-awaited rules issued on income recognition for accrual taxpayers

Long-awaited rules issued on income recognition for accrual taxpayers

Final regulations provide accrual taxpayers certain flexibility for recognizing income and offer sought-after cost offset for sale of goods.
Late year fiscal aid lifts growth prospects for 2021

Late year fiscal aid lifts growth prospects for 2021

Congress passed a $900 billion rescue package that includes funds for midsize companies, direct payments to households and jobless benefits.
FASB proposes goodwill impairment triggering event alternative

FASB proposes goodwill impairment triggering event alternative

FASB proposes a goodwill impairment triggering event alternative for certain private companies and not-for-profit entities.
COVID-19 relief Act extends and improves many credits and incentives

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.
Brexit and company taxes – what happens from 1 January 2021?

Brexit and company taxes – what happens from 1 January 2021?

A look at the impact of Brexit on tax treaties and on the operation of tax law internationally in the new year.
A business guide to the December coronavirus relief package

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
Congress passes law containing PPP tax fix; second-draw program

Congress passes law containing PPP tax fix; second-draw program

After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Congress passes appropriations bill, containing COVID-19 relief bill

Congress passes appropriations bill, containing COVID-19 relief bill

Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
Final regulations implement TCJA changes to section 162(m)

Final regulations implement TCJA changes to section 162(m)

The final regulations implement the amendments made to section 162(m) by the TCJA and largely mirror last year’s proposed regulations.
Beware of traps with paid time off policies

Beware of traps with paid time off policies

Some common paid time off (PTO) policy features cause taxable income to unexpected parties at unexpected times. Learn more here.