Tax Blog

Our tax blog is dedicated to CFOs, Tax Directors and Business Owners looking to improve profitability, grow their business or implement a succession plan. At Armanino, we see the tax function as a key strategic tool—as nothing less than a vital means of moving you and your company forward. While we excel in making sure our clients meet regulatory requirements—both domestic and global—that just scratches the surface of what we do.

December 22, 2020

Congress Passes COVID Aid Package Containing: Billions in Funding and Tax Breaks

Initial look at Consolidated Appropriations Act of 2021 impact on individuals and businesses.

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November 7, 2020

With Biden Announced as President-Elect, Consider These Last-Minute Tax Planning Ideas

2020 will no doubt go down in history as one of the most chaotic and unpredictable years ever. Now that Biden has been announced as the President-elect, we must be prepared for upcoming legislative changes to the tax laws. However, since the Republicans will likely remain in control of the Senate, the extent of new …

May 17, 2020

House Passes HEROES Act, Steep Challenges Expected in Senate

On May 15 the House passed, with some Democratic dissent, the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The HEROES Act returns certain elements taken away by the 2017 Tax Cuts and Jobs Act (TCJA) and adjusts for elements within the CARES Act. Highlights include $1 trillion in state and local …

May 12, 2020

DAC6 Reporting Requirement for All Cross-Border Tax Arrangements Postponed

DAC6 is an EU Council Directive 2011/16 in relation to reporting requirements for all cross-border tax arrangements. It has been in force since June 25, 2018, promoting transparency and fairness in taxation. DAC6 applies to cross-border tax arrangements that meet one or more specified characteristics (hallmarks) and that concern either more than one EU country …

April 27, 2020

Additional Stimulus and Changes to SBA FAQ Amid Concerns Over “Need” for PPP loans

On Friday April 24, 2020, President Trump signed legislation providing additional funding.

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April 20, 2020

Revenue Procedure 2020-24 and International Tax Considerations

Background Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) modified section 172 by adding a new section 172(b)(1)(D)(i) which provides that net operating losses (“NOL”) arising in tax years beginning after December 31, 2017, and before January 1, 2021 may be carried back to each of the five tax years preceding the taxable year …

Recent Impacts on Venture- and PE-backed Entities

The CAREs Act introduced the PPP and continued the EIDL program. But VC- and PE-backed firms have limitations to apply.

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April 15, 2020

Recent Tax Developments Affecting Real Estate

There are a number of recent tax developments affecting the real estate sector. Below, we outline items where we’re seeing the greatest impact: Extended deadline for like-kind exchanges: If the 45-day identification period or the 180-day replacement period for like-kind exchanges ends between April 1, 2020 and July 15, 2020, those deadlines are extended to July …

April 14, 2020

Main Street Lending Program: A New Path to Sustain Liquidity

Often overlooked in the PPP hysteria of the past two weeks has been Title IV, Section 4003 of the CARES Act, which outlined a $454 billion lending program to larger businesses than those in the PPP. The Treasury Department and Federal Reserve have now provided initial guidance on the loans that will be available under …

Filing Deadlines Are Upon Us … or Are They?

Here, you’ll find a quick reminder and recap of recent events to assist you in your tax extension and payments requirements. The IRS and Treasury Department significantly expanded relief measures for tax return filings and payments in response to the coronavirus pandemic. Notice 2020-23 stipulates all taxpayers with a filing or payment deadline falling on or …

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