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ASC 740: Year-end provision considerations for 2020

ASC 740: Year-end provision considerations for 2020

A roundup of considerations for companies while preparing income tax provisions for the year-ended Dec. 31, 2020.
Georgia jobs tax credits available to businesses hiring telecommuters

Georgia jobs tax credits available to businesses hiring telecommuters

Georgia has expanded the state jobs tax credit to apply to businesses hiring telecommuting employees in 2020 or 2021.
PPP reopening for first draw borrowers Jan. 11; second draw Jan. 13

PPP reopening for first draw borrowers Jan. 11; second draw Jan. 13

Treasury Department and SBA announce reopening dates for Paycheck Protection Program - Jan. 11, 2021 and Jan. 13, 2021.
Consolidated Appropriations Act of 2021 includes disaster relief

Consolidated Appropriations Act of 2021 includes disaster relief

Disaster relief may provide liquidity for individuals and businesses located in areas affected by presidentially declared disasters.
California notice on methods changes is a reminder for all taxpayers

California notice on methods changes is a reminder for all taxpayers

Taxpayers should plan accordingly as the states are aware of the increase in accounting methods changes due to recent federal changes.
Middle market trend watch: Remote work for the foreseeable future

Middle market trend watch: Remote work for the foreseeable future

Until a significant amount of the population is vaccinated, widespread remote work will continue to be a standard practice for businesses.
Late-year fiscal aid lifts growth prospects for 2021

Late-year fiscal aid lifts growth prospects for 2021

Aid package will bolster U.S. growth conditions in the first half of 2021, likely preventing another economic downturn previously implied.
K-shaped wage environment: Abnormalities in wage and benefit growth

K-shaped wage environment: Abnormalities in wage and benefit growth

The economic distortions of the pandemic are becoming increasingly evident in the divergent fortunes of U.S. workers.
SBA releases guidance on PPP second draw loans

SBA releases guidance on PPP second draw loans

SBA releases two PPP reopening guidance packages. The second guidance package provides information for eligible second draw PPP borrowers.
SBA releases guidance on PPP continued access program

SBA releases guidance on PPP continued access program

SBA releases two PPP reopening guidance packages. The first round of guidance provides information for new PPP borrowers.
Game-changing updates to the Employee Retention Credit

Game-changing updates to the Employee Retention Credit

Paycheck Protection Program (PPP) loan recipients may now qualify for the employee retention tax credit based on new legislation signed.
Temporary relief to calculate personal use of employer-provided cars

Temporary relief to calculate personal use of employer-provided cars

In response to the COVID-19 pandemic, Notice 2021-7 allows taxpayers to switch valuation methods for employer-provided vehicles.
PPP eligibility expanded to certain section 501(c)(6) organizations

PPP eligibility expanded to certain section 501(c)(6) organizations

Year-end stimulus legislation extends Paycheck Protection Program and expands eligibility for exempt organizations.
New Markets Tax Credit program extended five years

New Markets Tax Credit program extended five years

The program, scheduled to expire on Dec. 31, 2020, received a five-year extension under the recent federal spending bill.
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.