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IRS issues final regulations on parking and commuting deductions

IRS issues final regulations on parking and commuting deductions

The regulations largely mirror the proposed regulations with additional, mostly favorable, clarifications for taxpayers.
Request for comment: Travel Rule threshold adjustment

Request for comment: Travel Rule threshold adjustment

FinCEN and the Federal Reserve have determined that virtual assets are defined as money, expanding definitions, policies, and oversight.
Never going back

Never going back

Companies contemplating a remote workforce should monitor the potential tax changes in states where employees may live and work.
FinCEN Statement provides transparency for violations and enforcement

FinCEN Statement provides transparency for violations and enforcement

FinCEN released a statement regarding their enforcement of Bank Secrecy Act/Anti-Money Laundering requirements.
IRS reaffirms “friendly doctor” transaction can transfer tax ownership

IRS reaffirms “friendly doctor” transaction can transfer tax ownership

In line with decades of case law and rulings, IRS ruling looks to benefits and burdens of ownership to determine tax ownership.
Payment and deduction of CARES Act employer Social Security deferral

Payment and deduction of CARES Act employer Social Security deferral

Employers may wish to pay Social Security taxes deferred under the CARES Act before the due date and should consider certain items.
Reporting of unusual nonemployee compensation for tax year 2020

Reporting of unusual nonemployee compensation for tax year 2020

Form 1099-NEC replaces Form 1099-MISC Box 7 (contractor compensation), but some compensation may be reported on both 1099-NEC and 1099-MISC.
Treasury Department moves to end select pandemic-era lending programs

Treasury Department moves to end select pandemic-era lending programs

The Treasury Department is not extending nine of the 13 liquidity and lending programs aimed at easing the effects of the pandemic.
The year ahead: Resilience, recovery and reimagination

The year ahead: Resilience, recovery and reimagination

The possibility of 500 million vaccine doses produced domestically for distribution in 2021 carries potential impaired economic activity.
The Real Economy: Volume 72

The Real Economy: Volume 72

We examine economic outlook, pandemic-era lending programs, minimum wage, health care provider funding and middle market technology trends.
Middle market trend watch: Turning to technology amid a pandemic

Middle market trend watch: Turning to technology amid a pandemic

Middle market companies have deployed a variety of technology strategies to respond to the pandemic’s impact on their businesses.
IRS increases focus on athletes and entertainers

IRS increases focus on athletes and entertainers

Learn why the IRS is increasing its scrutiny on high net worth athletes and entertainers, and what can be done before an audit.
Changing landscape of pandemic relief for health care providers

Changing landscape of pandemic relief for health care providers

If health care providers can’t support the receipt of pandemic relief funds, there will be significant questions about their sustainability.
Tax Policy Now: Year-end tax planning and Paycheck Protection Program

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 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).