The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act. | IRS issues rules for net operating losses in consolidated groups → | | By Michael Cohn 2 min read | | The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act. | |
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| GASB offers guidance on CARES Act and coronavirus → | | By Michael Cohn 1 min read | | The Governmental Accounting Standards Board released a technical bulletin with guidance for applying existing GASB standards to transactions related to the CARES Act and outflows incurred in response to the COVID-19 pandemic. | |
| Trump administration discloses $521.5B in coronavirus aid through PPP → | | By Mark Niquette 5 min read | | The Trump administration released details of almost 4.9 million loans to businesses – from sole proprietors to restaurant and hotel chains – under the federal government’s largest coronavirus relief program so far, the $669 billion Paycheck Protection Program. | |
| Tax Fraud Blotter: Run and gun → | | By Jeff Stimpson 6 min read | | Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases. | |
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