Articles

The IRS issued new rulings on November 18, 2020 in the form of Revenue Ruling 2020-27 and Revenue Procedure 2020-51, announcing guidance on the tax deductibility of expenses related to Paycheck Protection Program (PPP) loans that have not yet been forgiven.

In our conversations with PPP borrowers, we discover that many are planning to rely on the business activity safe harbor provision when applying for loan forgiveness.

The Fall edition of PKF Worldwide Tax Update is currently available to those organizations and individuals with business activity outside the United States.

The speed with which cybercrime continues to adapt to new technologies, preventative and resistance measures is matched by the creativity with which today’s criminals create new opportunities to wreak havoc.

The IRS issued its final regulations on the deductibility of meals and entertainment expenses on September 29, 2020.

While organizations continue to adapt their operating practices during the ongoing pandemic and associated recession, it is clear that some of the challenges executives and Boards face are, in fact, significant risks that could result in reputational damage, regulatory compliance failures, fraud as well as financial loss.

Conflicts between related parties ‒ whether for divorce, a business break-up, a bankruptcy or an estate challenge ‒ often revolve around finances and a lack of trust between the parties.

The U.S. Small Business Administration (SBA) announced last week that it will be issuing Loan Necessity Questionnaires to Paycheck Protection Program (PPP) Borrowers that, together with their affiliates, received PPP loans with an original principal amount of $2 million or more.

Small businesses continue to navigate through the treacherous waters of economic uncertainty brought on by the COVID-19 pandemic.

As the year 2020 comes to a close, partnerships should be prepared for some major adjustments regarding certain tax reporting requirements.

Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees by means of orientation meetings and enrollment forms.

Whether an individual is properly classified as an employee or as an independent contractor has always been important, but never more critical than today.