In Notice 2020-32, released April 30, the IRS determined that expenses paid using the proceeds of Paycheck Protection Program (PPP) loans (Covered Loans) are not deductible expenses for income tax purposes if those loans...more
In a flurry of guidance, the Internal Revenue Service (IRS) has issued Revenue Procedure 2020-22, Revenue Procedure 2020-24, and Notice 2020-26 providing guidance to taxpayers wanting to elect out of new net operating loss...more
On April 8, 2020, the Internal Revenue Service (IRS) released Revenue Procedure 2020-23 (the Revenue Procedure) allowing eligible partnerships subject to the centralized partnership audit regime (CPAR) to amend 2018 and 2019...more
The Senate has negotiated and passed a third COVID-19 relief bill titled the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act). The bill will now head to the House for approval, and the President has agreed to...more
The Senate has passed a third COVID-19 relief bill. The House is expected to pass the act on Friday, March 27, and the President has announced that he will sign it once passed by the House....more