Insights and Resources

Congress passes appropriations bill, containing COVID-19 relief bill

Congress passes appropriations bill, containing COVID-19 relief bill

Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
Final regulations implement TCJA changes to section 162(m)

Final regulations implement TCJA changes to section 162(m)

The final regulations implement the amendments made to section 162(m) by the TCJA and largely mirror last year’s proposed regulations.
Beware of traps with paid time off policies

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.
Mandatory Form 4720 e-filing delayed for private foundations

Mandatory Form 4720 e-filing delayed for private foundations

Notice 2021-01 provides that private foundations may paper file Form 4720 until electronic filing of the form becomes available in 2021.
Proposed accounting for acquired revenue contracts with customers

Proposed accounting for acquired revenue contracts with customers

A recent proposed ASU addresses the accounting for revenue contracts with customers acquired in a business combination.
IRS issues interim guidance on backlog of fuel credit claims

IRS issues interim guidance on backlog of fuel credit claims

The IRS has developed new guidance for processing interest bearing fuel claims, including one-time claims for alternative fuel credits.
HEERF grants not required to be reported on Form 1098-T

HEERF grants not required to be reported on Form 1098-T

The IRS provides welcome guidance to higher education institutions that made emergency relief grants to students.
2 ways cybercriminals can breach your health care organization

2 ways cybercriminals can breach your health care organization

What should you and your health care organization be watchful for and how can you mitigate these cyber risks?
IRS issues guidance on 401(k) and 403(b) Plans

IRS issues guidance on 401(k) and 403(b) Plans

IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
IRS issues final regulations on parking and commuting deductions

IRS issues final regulations on parking and commuting deductions

The regulations largely mirror the proposed regulations with additional, mostly favorable, clarifications for taxpayers.
Request for comment: Travel Rule threshold adjustment

Request for comment: Travel Rule threshold adjustment

FinCEN and the Federal Reserve have determined that virtual assets are defined as money, expanding definitions, policies, and oversight.
Reporting of unusual nonemployee compensation for tax year 2020

Reporting of unusual nonemployee compensation for tax year 2020

Form 1099-NEC replaces Form 1099-MISC Box 7 (contractor compensation), but some compensation may be reported on both 1099-NEC and 1099-MISC
Never going back

Never going back

Companies contemplating a remote workforce should monitor the potential tax changes in states where employees may live and work.
IRS reaffirms “friendly doctor” transaction can transfer tax ownership

IRS reaffirms “friendly doctor” transaction can transfer tax ownership

In line with decades of case law and rulings, IRS ruling looks to benefits and burdens of ownership to determine tax ownership.
FinCEN Statement provides transparency for violations and enforcement

FinCEN Statement provides transparency for violations and enforcement

FinCEN released a statement regarding their enforcement of Bank Secrecy Act/Anti-Money Laundering requirements.

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