Continue Reading IRS Issues Proposed Regulations on Excess Nonprofit Executive Compensation
A. The allowable uses of PPP loan funds are as follows:
- 75% of the PPP loan funds
Section 501(c)(3) Organization Prohibited Political Activities
Political activities of charities and other types of exempt organizations frequently rise in prominence in presidential election years. Not only is the IRS sensitive to political activities in a presidential
Continue Reading Section 501(c)(3) Organization Prohibited Political Activities
Now That I Have My Paycheck Protection Program Money, What Can I Do with It?
Continue Reading Now That I Have My Paycheck Protection Program Money, What Can I Do with It?
Employee Retention Tax Credit for Employers under the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020, contains a tax credit to encourage companies to continue paying employees
Continue Reading Employee Retention Tax Credit for Employers under the CARES Act
Tax Credit for Emergency Sick Leave and Family Leave Paid by Employers Under the Families First Coronavirus Response Act
The Families First Coronavirus Response Act (FFCRA), which has been signed into law, requires companies that employ less than 500 employees to pay 80 hours of sick leave and up
Continue Reading Tax Credit for Emergency Sick Leave and Family Leave Paid by Employers Under the Families First Coronavirus Response Act
SECURE Act Accelerates Timing of Required Minimum Distributions to Beneficiaries Under Qualified Plans and IRAs
The Further Consolidated Appropriations Act, 2020, signed into law Dec. 20, 2019, includes a division that is known as the SECURE Act,1 which made major changes to the required minimum
Continue Reading SECURE Act Accelerates Timing of Required Minimum Distributions to Beneficiaries Under Qualified Plans and IRAs
IRS Clarifies U.S. Tax Treatment of Cross-Border Cloud and Other Online Transactions in Proposed Regulations
On Aug. 9, 2019, the IRS issued proposed regulations (Proposed Regulations) addressing the U.S. federal income tax treatment of cross-border cloud transactions. The Proposed Regulations will not become effective until
Continue Reading IRS Clarifies U.S. Tax Treatment of Cross-Border Cloud and Other Online Transactions in Proposed Regulations
Effect of Kaestner on Non-California Trusts With California Beneficiaries
On June 21, 2019, in a unanimous decision, the U.S. Supreme Court held as unconstitutional a North Carolina statute that had been interpreted by North Carolina to mean that a
Continue Reading Effect of Kaestner on Non-California Trusts With California Beneficiaries
IRS Says Special Program Bonds Including Tribal Development Bonds May Be Current Refunded
While the advance refunding of tax-advantaged bonds remains a thing of the past, the Internal Revenue Service (IRS) issued guidance on May 22, Notice 2019-39, expanding the realm of
Continue Reading IRS Says Special Program Bonds Including Tribal Development Bonds May Be Current Refunded
Part 2: In the Midst of a Federal Government Shutdown, Tax-Exempt Bond Community Receives Long-Awaited Proposed Reissuance Regulations
The Department of the Treasury and IRS provided two New Year’s Eve presents to the tax-exempt bond community. One was the finalization of the public notice regulations, and the
Continue Reading Part 2: In the Midst of a Federal Government Shutdown, Tax-Exempt Bond Community Receives Long-Awaited Proposed Reissuance Regulations