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Found 187 Results
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IRS Highlights the Most Common Benefit Plan Errors

To say that 2020 has been a difficult year is an understatement. Chicago businesses faced once in a lifetime circumstances which were almost impossible to predict and even mor ... Read more

Treasury Issues Guidance for First Time PPP Borrowers

Following extensive negotiation and threat of a Presidential veto, Congress and the White House recently passed the Consolidated Appropriations Act 2021, which offers comprehe ... Read more

Additional Tax Relief: Consolidated Appropriations Act 2020

The President has now signed the Coronavirus Response and Relief Supplemental Appropriations Act (The Act) as part of the Consolidated Appropriations Act, providing several ne ... Read more

Paycheck Protection Program 2: The Sequel

Both the House and Senate passed, and the President subsequently signed, the CORONAVIRUS RESPONSE AND RELIEF SUPPLEMENTAL APPROPRIATIONS ACT (“The Act”) as part of the Con ... Read more

Changes to Reporting of Nonfinancial Contributions (ASU 2020-07)

The pandemic has created new challenges for nonprofits especially when it comes to program delivery and fundraising. The various social distancing and ban on large events have ... Read more

President-Elect Biden Tax Proposals Impacting Individuals

During his campaign, President-Elect Joe Biden proposed significant income tax changes for individuals with a stated goal of helping the economy, reducing taxes on the middle ... Read more

President-Elect Biden Tax Proposals Impacting Businesses

During his campaign, President-Elect Joe Biden proposed significant income tax changes for businesses with a stated goal of helping the economy, increasing corporate taxes, an ... Read more

IRS Issues Revenue Rulings on PPP Expense Deductibility

With the passing of the Consolidated Appropriations Act 2021 this ruling has been reversed, see updated content here. Since May, when the IRS published Revenue Ruling 2020-32, ... Read more