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IRS issues additional PPP deductibility guidance with safe harbor

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.
IRS Commissioner rejects blanket COVID-19 penalty relief

IRS Commissioner rejects blanket COVID-19 penalty relief

IRS Commissioner rejects blanket COVID-19 penalty relief and instead urges taxpayers to use first time abatement and reasonable cause.
FASB to propose goodwill impairment triggering event alternative

FASB to propose goodwill impairment triggering event alternative

The FASB will propose an ASU that would provide a goodwill impairment triggering event alternative for certain entities.
Policy snapshot: Government contracting

Policy snapshot: Government contracting

The new Democratic White House hopes to usher in an extended period of greater government spending.
Treasury Priority Guidance Plan 2020-2021 – Exempt Organizations

Treasury Priority Guidance Plan 2020-2021 – Exempt Organizations

The Treasury 2020-2021 Priority Guidance Plan contains numerous anticipated projects affecting exempt organizations.
IRS updates Employee Retention Credit FAQs for M&A, Tribal Governments

IRS updates Employee Retention Credit FAQs for M&A, Tribal Governments

The IRS has updated six questions in their Employee Retention Credit FAQ document on Tribal Governments and PPP loans in acquisitions.
RSM manufacturing index breaks above two-year downtrend

RSM manufacturing index breaks above two-year downtrend

A rebound in U.S. manufacturing sentiment to the pre-trade war levels of summer 2018 implies that the economy is moving toward recovery.
Middle market trend watch: Inventory data and holiday spending

Middle market trend watch: Inventory data and holiday spending

A modest improvement. The RSM US Middle Market Business Index improved to 128.0 in September from 124.9 in August.
Fed policy to remain steady amid economic uncertainty

Fed policy to remain steady amid economic uncertainty

The Fed remains the only game in town when it comes to providing sustained accommodation to an impaired economy.
Reevaluating procurement companies and supply chains in the COVID era

Reevaluating procurement companies and supply chains in the COVID era

The COVID economy and virtual transformation may provide the right opportunity to take control of supply chain management.
Forgiven PPP loans are not reportable on Form 1099C

Forgiven PPP loans are not reportable on Form 1099C

IRS Announcement 2020-12 clarifies that lenders need not issue form 1099-C reporting PPP loans eligible for forgiveness under the CARES Act.
Avoiding an enforcement action through an effective compliance program

Avoiding an enforcement action through an effective compliance program

A sound compliance program will help protect your company from regulatory enforcement, should your industry become a target by regulators.
New rule puts spotlight on ESG investing in retirement plans

New rule puts spotlight on ESG investing in retirement plans

As investors increasingly focus on ESG issues, one important question remains: What is the true purpose of ESG?
Tax Summit Week 2020 Covered Ground

Tax Summit Week 2020 Covered Ground

A recap of presentations, top questions and highlights from virtual sessions held at the 2020 RSM annual tax summit.
Transitional FAQs:  Amended Regulation S-K Items 101, 103 and 105

Transitional FAQs: Amended Regulation S-K Items 101, 103 and 105

The SEC has provided transitional FAQs in response to questions about amended Regulation S-K Items 101, 103 and 105.