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  • Reporting Attorney Payments to the IRS

    Do I have to report to the IRS a payment I make to a lawyer? If you make payments to a lawyer, you may be required to file an IRS form to report that payment. For a payment to a lawyer to be reportable to the IRS, it must meet two conditions: (1) it mustMore

  • IRS Acknowledges Congressional Reversal on Deducting Eligible PPP Expenses

    In a previous alert (Yes, I Can Deduct Expenses Paid with a Forgiven PPP Loan) we reported that the Consolidated Appropriations Act, 2021, which contains The COVID-related Tax Relief Act of 2020, specifically provides that “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income” of a PPP loan. Today, the Internal Revenue Service issued Revenue Ruling 2021-2, which reflects this change in the law.

  • What Does the Corporate Transparency Act Mean for Businesses and Incorporators?

    With a New Year’s day vote, the Senate has overridden President Trump’s veto of the National Defense Authorization Act. The House voted on Monday, December 29 to override the veto. Now, businesses and incorporators will be faced with the Corporate Transparency Act (CTA), which is contained within the National Defense Authorization Act and is designed to combat illegal activities conducted through anonymous shell companies by requiring the reporting of the identity of the “beneficial owners” of companies.

  • Yes, I Can Deduct Expenses Paid with a Forgiven PPP Loan

    Congress Reverses IRS Congress has overridden the IRS position that expenses paid with PPP loan proceeds cannot be deducted if the PPP loan is forgiven. In our November 20, 2020, alert captioned “Can I Deduct Expenses Paid with a PPP Loan?” we addressed Revenue Ruling 2020-27 in which the IRS expanded on its original positionMore

  • Winners and Losers in Like-Kind Exchange Final Regulations

    The Treasury Department and the IRS received 21 written comments in response to the like-kind exchange proposed regulations (see our earlier alert). The recently issued final IRS like-kind exchange regulations adopt some comments (Winners), reject some comments (Losers), and do not consider some comments because they are beyond the scope of the regulation project (Punts).

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