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October 29, 2020

Guidance Released on Employee Payroll Tax Deferral
The Treasury and IRS have issued guidance on the recent order by President Trump to defer certain employee payroll tax obligations on wages paid from September 1, 2020, through December 31, 2020. Unde...

2020-2021 Special Per Diem Rates Released
The IRS has released the 2020-2021 special per diem rates. Taxpayers use the per diem rates to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from ho...

Final Regulations Limit Dividends Received Deduction
The Treasury and IRS have issued final regulations that limit the Code Sec. 245A dividends received deduction and the Code Sec. 954(c) exception on distributions supported by certain earnings and ...

Distributions by Terminated S Corporations Addressed in Final Regs.
Treasury has issued final and amended regulations on the rules for distributions made by terminated S corporations during the post-termination transition period (PTTP). These regulations apply after a...

Final Regs. Clarify Ratable Rehabilitation Credit is Still a Single Credit
Final regulations clarify that the amount of the rehabilitation credit for a qualified rehabilitated building (QRB) is determined as a single credit in the year the QRB is placed in service. This is t...

Final Regulations Update Definition of Qualifying Relative
The IRS has released final regulations that clarify the definition of a "qualifying relative" for purposes of various provisions for tax years 2018 through 2025. These regulations generally affect t...

Medicaid Coverage of COVID Testing Is Not Minimum Essential Coverage
The IRS has announced that Medicaid coverage of Coronavirus Disease 2019 (COVID-19) testing and diagnostic services is not minimum essential coverage for purposes of the premium tax credit under Code...

IRS Clarifies Provisions of the SECURE and the Bipartisan American Miners Acts
The IRS has released guidance in the form of questions and answers with respect to certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), and the Bip...

Final Regulations Provide Additional BEAT Guidance
Final regulations provide additional guidance on the base erosion and anti-abuse tax (BEAT) under Code Sec. 59A. The regulations also address certain aspects of the BEAT under Code Secs. 1502 and ...

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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