Subscribe to our RSS feed.
Sign UpIRS 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