True Partners Insights
Transaction Planning Insights
Washington Tax Insight July 2020
Politics and Congressional Activity Discussion of the next COVID-19 pandemic relief legislation continues to dominate discussion in Washington despite the fact that many other important issues have yet to be addressed. Funding for FY21 for the federal government is being addressed in the House and Senate appropriations committees, but time is beginning to run short on the likelihood that Congress will meet the end of September deadline. Police reform legislation […]
Will The US Withdrawal From the OECD Project on Digital Services Taxation Lead to a Trade War and a Missed Deadline?
Multilateral tax negotiations, which have been ongoing at the Organization for Economic Cooperation and Development (OECD) with the goal of producing a global agreement on the taxation of multinational corporations, including those that provide digital services, have been impacted by the COVID-19 pandemic. The 2020 timeline has been modified, but the deadline of producing an agreement continues to be the end of 2020. New actions taken by the US Trade […]
IRS Guidance on Expenses Paid with PPP Loans
On April 30, 2020, the Internal Revenue Service (IRS) issued Notice 2020-32 (Notice) which claims that expenses will be nondeductible if paid using loan proceeds that are later forgiven under the Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Background The PPP was established as a low-interest emergency loan program to enable employers to retain employees and cover overhead costs along with the […]
