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Trump Signs PPP Application Extension Bill
On July 4, President Donald Trump signed into law a Paycheck Protection Program (PPP) application extension bill that Congress had quickly passed just before the Independence Day holiday. According to...

Wolters Kluwer Interview: Outlook on Ever-Evolving Paycheck Protection Program
"If you can look into the seeds of time, and say which grain will grow and which will not, speak then unto me." — William Shakespeare...

Supreme Court Upholds ACA Contraceptive Rule
The U.S. Supreme Court upheld the Trump Administration’s rule under the Affordable Care Act (P.L. 111-148) that any nongovernment, nonpublicly traded employer can refuse to offer contraceptive c...

Guidance on Reporting COVID-19 Qualified Sick and Family Leave Wages
The IRS has issued guidance to employers on the requirement to report the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act (Families ...

Guidance and Relief for 2020 RMD Waiver, Required Beginning Date Changes
The IRS has issued guidance and temporary relief for required minimum distribution (RMD) changes in 2020. Distributions that would have been RMDs under old law are treated as eligible rollover distrib...

Mid-Year Safe Harbor Plan Amendments and COVID-19 Relief
The IRS has clarified and provided relief for mid-year amendments reducing safe harbor contributions. An updated safe harbor notice and an election opportunity must be provided even if the change is o...

IRS Amends 199A Regs on Suspended Losses and RICs
The IRS amended final regulations with guidance on the Code Sec. 199A deduction for suspended losses and shareholders of regulated investment companies (RICs). The amendments address the tre...

Draft 2021 Partnership Forms Clarify International Reporting by Partners
The Treasury Department and the IRS have released drafts of proposed partnership forms for tax year 2021 (the 2022 filing season). The proposed forms are intended to provide greater clarity for partne...

Final Regulations Issued on FDII and GILTI Deduction
The Treasury and IRS have issued final regulations covering the Code Sec. 250 deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI). Proposed ...

IRS Encourages Abusive Conservation Easement Taxpayers to Settle
The IRS is calling on any taxpayers involved in syndicated conservation easement transactions who receives a settlement offer from the agency to accept it soon. The Service made this request in the wa...

How Do I? Get back start-up expenses in starting a business as quickly as possible
The American Jobs Creation Act of 2004 (2004 Jobs Act) changed the rules for start-up expenses in both favorable and unfavorable ways. Start-up expenditures are amounts that would have been deductible...

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