The IRS recently issued final regulations that provide exempt organizations subject to the unrelated business income tax (UBIT) with guidelines for determining whether their organization is made up of more than one unrelated trade or business and, for those that in fact are, how unrelated business taxable income (UBTI) is calculated. What are the key
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Due to a minor technical issue, the beginning of the recording has been cut off. Please download the presentations slides to view the full presentation. The recording resumes on page 4 of the pdf. — Few people thought there would be a 2020 football season. Millions of people are tuning in to cheer on their
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The IRS has issued Revenue Ruling 2020-27, which sets forth the IRS’s position on the timing of the disallowance of deductions related to Paycheck Protection Program (PPP) loan forgiveness. The Revenue Ruling addresses the question of whether or not a taxpayer that received a PPP loan and paid or incurred certain otherwise deductible expenses specified
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Some say it takes a village, while Construction Executive suggests a lead singer relies on the support of the band behind them. Whichever metaphor you prefer, one thing is certain. Businesses need to surround themselves with the right team to be successful in uncertain times. Taking the comparison a step further, they suggest that much
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As tax planners, we are familiar with the uncertain world of predicting future events and their related tax consequences. In working with businesses who obtained PPP loans, namely for those who have, or intend to have, some or all of these loans forgiven, however, the topic of 2020 deductions brings about uncertainty. With the current
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