Collier, Johnson & Woods, P.C.

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Trump Signs Paycheck Protection Program Flexibility Act Into Law
President Donald Trump signed into law the bipartisan Paycheck Protection Program Flexibility Act of 2020 (P.L. 116-142) on June 5. The legislation aims to expand usability of the Coronavirus Aid, Rel...

Treasury, SBA Issue Updated PPP Guidance, Revised Application and Forgiveness Forms, New EZ Forgiveness Form
In consultation with Treasury Department, the Small Business Administration (SBA) has issued......

IRS Postpones More Deadlines Due to COVID-19 Emergency
The IRS is postponing deadlines for certain time-sensitive actions due to the Coronavirus Disease 2019 (COVID-19) emergency. This relief affects employment taxes, employee benefit plans, exempt organi...

Coronavirus-Related Distributions and Plan Loan Guidance
The IRS has issued guidance on coronavirus-related distributions and plan loans....

IRS Temporarily Allows Certain Retirement Plan Participants to Sign Elections Remotely
The IRS has released guidance that provides temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility...

IRS Provides COVID-19 Related Safe Harbors for Determining Tax Status of Arrangements that Hold Real Property as Trusts
The IRS has released a revenue procedure that describes temporary safe harbors for the purpose of determining the federal tax status of certain arrangements that hold real property as trusts in respon...

Deadlines Extended for Qualified Opportunity Funds and Investors
The IRS has announced various extensions of deadlines for qualified opportunity funds and their investors due to the Coronavirus pandemic....

Proposed Regulations Issued Updating Definition of Qualifying Relative for Child-Related Tax Benefits
The IRS has issued proposed regulations clarifying the definition of a qualifying relative for various tax benefits for tax years 2018 through 2025 in which the dependent exemption amount is zero. Dur...

Proposed Regs Address Eliminated Qualified Transportation Fringe Deduction
Proposed regulations provide guidance regarding the elimination of the deduction for expenses related to qualified transportation fringe benefits (QTFs) provided to an employee. The Tax Cuts and Jobs ...

IRS Proposes Treating Payments for Direct Primary Care Arrangements and Health Care Sharing Ministry Memberships as Medical Care Payments
Proposed regulations would define expenditures for direct primary care arrangements and health care sharing ministry memberships as amounts paid for medical care. Thus, amounts paid for those arrangem...

Proposed Reliance Regs Define “Real Property”” for Like-Kind Exchanges
Proposed reliance regulations clarify the definitions of "real property" that qualifies for a like-kind exchange, including incidental personal property. Under the Tax Cuts and Jobs Act (TCJ...

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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