Sep 24, 2020 | Firm Updates, International Tax
Criminals often deal in cash, and sometimes, large amounts of it. To help combat money laundering, tax evasion, drug dealing, terrorist financing, and other criminal activities, the federal government has made it mandatory that a trade or business that receives more...
Sep 1, 2020 | COVID-19 Response, Firm Updates
On August 8, 2020, President Trump issued a Presidential Memorandum which allowed for the deferral of withholding an employee’s payroll taxes. On Friday, August 21, 2020, the IRS issued additional guidance on the implementation of the deferral in Notice 2020-65. The...
Sep 1, 2020 | Firm Updates, Individual Tax, Small Business
IRC Section 83 discusses the treatment regarding property that was received in connection with performance of services. The Tax Cuts and Jobs Act added an election to defer the recognition of taxable income with respect to specific items under Section 83(i). Even...
Aug 31, 2020 | Firm Updates, International Tax
The IRS recently announced the issuance of final regulations addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax. As we have discussed in a previous blog, the Tax Cuts and Jobs Act of 2017 added a new...
Aug 13, 2020 | COVID-19 Response, Firm Updates, Uncategorized
PPP Loan Forgiveness FAQs The new FAQs are on pages 10 and 11 on the Economic Injury Disaster Loans (EIDL) released August 11, 2020 The SBA will deduct the amount of the EIDL advance from the forgiveness amount the SBA remits to the lender. The lender will be able to...
Aug 10, 2020 | COVID-19 Response, Firm Updates
With proposed relief legislation at a total standstill in Congress, on Saturday President Trump signed an executive order and three memorandums to provide relief amidst the COVID-19 pandemic. The directives seek to temporarily halt payroll tax collection, decrease...