President Biden’s tax plan
Taxpayers should familiarize with Biden’s plan, remain vigilant for developments and position themselves to act at the appropriate times.
Employee retention credit significantly expanded for 2021
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
Temporary relief to calculate personal use of employer-provided cars
In response to the COVID-19 pandemic, Notice 2021-7 allows taxpayers to switch valuation methods for employer-provided vehicles.
Beware of traps with paid time off policies
Some common paid time off (PTO) policy features cause taxable income to unexpected parties at unexpected times. Learn more here.
PPP borrowers may need to extend returns and forgiveness applications
PPP borrowers, especially fiscal year taxpayers, should consider extending tax returns and delay loan forgiveness filing (unless necessary).
Tax Policy Now: Year-end tax planning and Paycheck Protection Program
PPP borrowers cannot deduct business expenses funded by a forgiven loan, but additional legislative action could permit such deductions.
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.
SEC simplifies the exempt offering framework
The SEC recently issued a final rule to address difficulties and confusion in applying the exempt offering framework.
Understanding the qualified small business stock gain exclusion
Section 1202 could provide small business investors with a complete exemption of gain realized from the sale of QSB stock.
Actuarial valuation: New mortality improvement scale released
A recently released mortality improvement scale should be considered when measuring benefit plan costs and obligations.