May 26, 2020
Forgiven PPP Loans and the Deductibility of Expenses Paid
Summary While most states have yet to comment on whether taxpayers can deduct ordinary business expenses paid with Paycheck Protection Program (PPP) loan proceeds that are forgiven by the IRS, taxpayers should monitor state conformity to the CARES Act (P.L. 116-136) and the Internal Revenue Code. Rolling conformity states that conform to the CARES Act …
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 …
April 14, 2020
Nonprofit Update: CARES Act Charitable Contribution Changes
On March 27, the president signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The $2 trillion legislative package to combat the coronavirus pandemic brings much needed economic relief to employers, employees and individuals impacted by the COVID-19 virus. This legislation made several changes to charitable contribution limitation rules for individuals and …