NSAC Happenings and Latest News - Page 54
Will PPP Fraud Turn into the Next Wave of 'Liar's Loans'?
In April, Andrew Marnell of California applied for millions of dollars of loans in federal assistance through the Paycheck Protection Program. Based on his applications, Marnell received approximately $9 million in federally awarded funds from banks authorized to make the loans. It was only after funding the loans that the lenders discovered the funds were going directly to Marnell rather than the small businesses listed in the applications, ...
Read MoreIRS Issues More Bonus Depreciation Rules
The IRS issued final regulations (T.D. 9916) providing guidance on additional first-year (bonus) depreciation under Sec. 168(k), which was amended by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. T.D. 9916 provides taxpayers with guidance on issues involving the application of Sec. 168(k) that were not addressed in 2019 final regulations (T.D. 9874). This includes clarifying guidance on the requirements that must be met for property ...
Read MoreIRS Finalizes 100% Bonus Depreciation Rules
The Internal Revenue Service and the Treasury Department issued the last set of final regulations to implement the 100 percent additional first-year depreciation deduction from the Tax Cuts and Jobs Act, enabling companies to write off the cost of most depreciable business assets in the year they are put in service. The 100 percent first-year bonus depreciation deduction was part of the 2017 tax overhaul. It typically applies to ...
Read MoreNet Operating Losses: CARES Act Changes
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, was enacted March 27, 2020, to provide wide-ranging relief to businesses and individuals adversely affected by the coronavirus pandemic. Among its many business tax relief provisions, the CARES Act amended the net operating loss (NOL) rules under Sec. 172 that were previously amended by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. The TCJA ...
Read MoreIRS Issues 2020??
Business travelers who incur expenses while traveling away from home have new per-diem rates to use in substantiating certain of those expenses (Notice 2020-71). The new rates are in effect from Oct. 1, 2020, to Sept. 30, 2021. On Friday, the IRS provided the 2020–2021 special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list ...
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