The guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.
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Best of the Week
November 21, 2020
Upcoming Events November 21, 2020
IRS clarifies deductibility of PPP loan expenses, as AICPA criticizes forgiveness questionnaire
By Michael Cohn      6 min read
The guidance clears up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.
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Intuit introduces HubSpot for QuickBooks
By Ranica Arrowsmith     2 min read
The offering brings CRM directly into the QuickBooks Online environment.
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IRS makes final push before stimulus payment deadline
By Michael Cohn     2 min read
The Internal Revenue Service reminded taxpayers Thursday that they only have until Nov. 21 at 3 p.m. Eastern Time to register for an Economic Impact Payment of $1,200 or more.
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Coronavirus delays IRS reorganization
By Michael Cohn     3 min read
The pandemic is throwing a monkey wrench into plans for the Internal Revenue Service to reorganize itself to provide better taxpayer service.
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IRS investigating fewer tax preparers
By Michael Cohn     5 min read
The Internal Revenue Service’s Criminal Investigation unit has been initiating fewer investigations of abusive tax return preparers this past year, while also recommending fewer prosecutions, and seeing fewer indictments and prison sentences this year.
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PwC acquires EagleDream Technologies
By Michael Cohn     2 min read
The Big Four firm has agreed to acquire the assets of a digital transformation company that's part of the Amazon Web Services Partner Network.
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Will tax audits, enforcement increase to make up for pandemic shortfalls?
By Jeff Stimpson     4 min read
Practitioners share their expectations around the potential for more action from tax authorities.
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IRS plans a 50% ramp-up in small-biz audits next year
By Laura Davison     2 min read
The enforcement push comes after years of persistently low examination rates.
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Billionaire sues Deloitte and law firm for $72M over tax advice
By Anthony Aarons     3 min read
Chris Rokos, who runs the hedge fund that bears his name, sued Deloitte and a U.S. law firm after 39.4 million pounds ($52 million) in tax relief was thrown out by U.K. authorities.
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The craziest work-from-home expenses of 2020
By Michael Cohn     1 min read
Employees working remotely during the coronavirus pandemic claimed some outlandish expenses this year, including pricey exercise bikes, facelifts and private jets.
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