INSIGHTS AND RESOURCES

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.
Mandatory Form 4720 e-filing delayed for private foundations

Mandatory Form 4720 e-filing delayed for private foundations

Notice 2021-01 provides that private foundations may paper file Form 4720 until electronic filing of the form becomes available in 2021.
Proposed accounting for acquired revenue contracts with customers

Proposed accounting for acquired revenue contracts with customers

A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
IRS issues interim guidance on backlog of fuel credit claims

IRS issues interim guidance on backlog of fuel credit claims

The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.