The IRS recently released additional guidance about the tax treatment of expenses paid with proceeds of Paycheck Protection Program loans. The PPP loans are a COVID relief program enacted as part of the CARES Act....more
In Audio Technica U.S., Inc. v. United States, 2020 WL 3481702 (6th Cir. 2020), the Sixth Circuit has made clear that calculation of the federal income tax credit for increasing research activities may require a taxpayer...more
The Treasury Department and the IRS have expanded COVID-19 relief in Notice 2020-23 released April 9, 2020.
Taxpayers that have payment obligations and filing deadlines between April 1, 2020, and before July 15, 2020, may...more
On April 14, 2020, the IRS confirmed that, in response to the coronavirus (COVID-19) pandemic, the deadline imposed on tax exempt organizations for filing Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF,...more
On April 9, 2020, the Internal Revenue Service issued Notice 2020-23 extending certain deadlines provided by the Internal Revenue Code for taxpayers either engaging in Section 1031 like-kind exchanges or making investments in...more
Because of the presidential emergency declared regarding the COVID-19 virus pandemic, the IRS published on March 20, 2020, Notice 2020-18, amending a prior notice that limited the amount of a federal income tax payment that...more
A taxpayer may claim a credit against its federal income tax liability for research expenses paid or incurred during the tax year.
The definitions of research expenses for financial reporting purposes and federal income...more