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Treasury, IRS Release Final Like-Kind Exchange Regulations

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 23, 2020 Treasury and the IRS have released final regulations for section 1031 like-kind exchanges. The final rules, T.D. 9935 , released on November 23, address the Tax Cuts and Jobs Act’s (TCJA) (P.L. 115-97) limitation of section 1031 like-kind exchanges to those of “real" property held for use in a trade or business or for investment. Under the final rules, section 1031(a), as amended by the TCJA, provides that no gain or loss is recognized on the exchange of real property held for productive use in a trade or business or for investment if the relinquished property is exchanged ...
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IRS Commissioner Rettig: Three Million Pieces of Mail, One Million Returns Remain Unprocessed

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 20, 2020 Currently, the IRS has approximately three million pieces of mail and one million returns that remain unprocessed, IRS Commissioner Charles “Chuck” Rettig said. The IRS mail backlog is down from where it sat at over five million last month. Testifying before the House Ways and Means Oversight Subcommittee on November 20, Rettig told lawmakers that the IRS is “doing everything we can to reduce this [mail] backlog.” To that end, Rettig also detailed relief being provided for taxpayers who have sent the IRS mail that remained unopened for a certain period of time. NSA ...
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Treasury, IRS Release Guidance on PPP Loan Deductibility

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 18, 2020 Treasury and the IRS have released two pieces of guidance on the tax treatment of expenses paid for with a Paycheck Protection Program (PPP) loan. Rev. Rul. 2020-27 , released late in the evening on November 18, provides sub-regulatory guidance on whether a PPP loan participant who paid or incurred certain otherwise deductible expenses can deduct those expenses in the taxable year in which the expenses were paid or incurred if, at the end of such taxable year, the taxpayer reasonably expects the loan to be forgiven. Additionally, the revenue ruling provides guidance ...
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SBA Granted Temporary Stay of Order Requiring Release of PPP Borrower Information

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 16, 2020 The U.S. Small Business Administration (SBA) has been granted a temporary stay of the court order requiring the release of all Paycheck Protection Program (PPP) borrower information. The stay, which generally means to stop or suspend a judicial proceeding or order, was granted last week by Judge James E. Boasberg, United States District Court for the District of Columbia, following Judge Boasberg’s November 5 ruling on the matter. The court previously held that the SBA was ordered to disclose the names and addresses of all loan recipients under the PPP and Economic ...
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Incorporating Social Media into Your Strategy

By Kent Heele
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Search engine optimization (SEO) is a set of strategies to increase online visibility and improve rankings from search engines such as Google. Among them are using keywords that users are likely to search and creating authentic backlinks to your website.  However, implementing SEO is like walking a tightrope as it serves two masters. The first is search engine algorithms and getting them to rate your page as trustworthy. The second is human users who want to see interesting content. How can social media enhance your SEO strategy? Social media and SEO Your social media accounts do not directly improve SEO rankings. However, they ...
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Treasury, IRS Allow Pass-throughs to Avoid Cap on SALT Deductions

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 10, 2020 Treasury and the IRS intend to issue proposed regulations clarifying that pass-through entities can avoid the cap on state and local income tax (SALT) deductions. Notice 2020-75 The forthcoming proposed rules will clarify that state and local income taxes imposed on and paid by a partnership or S corporation on its income are allowed as a deduction by the pass-through entity in computing its non-separately stated taxable income or loss for the taxable year of payment, according to Notice 2020-75 issued on November 9. Thus, partners and shareholders who itemize ...
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How to Become Financially Independent

By Kent Heele
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Financial independence is the unfulfilled dream of many. It’s the end of mandatory work, and the beginning of doing the things that make you feel good, grow as a human being and just enjoy life to the fullest. Or, if you want to choose a different path, financial independence is what will allow you to devote your life to the greater good and the wellbeing of others. Either way, financial independence is the thing that allows you that choice. Without it, you’ll do little more than juggling the time and resources you’ve left with as you work towards your dreams. It’s not an ideal position to be in, so let’s see what are some things you could do to transition ...
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How to Figure Out Your Financial Priorities

By Kent Heele
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Every once in a while, you should set aside some time to evaluate your financial priorities. You don’t have to do it that often, as they’ll rarely change overnight – and when they do change overnight, you’ll know it. This is more like a maintenance task you should do to ensure your financial well-being, and it’s something you don’t have to perform more than once a year. If you think you’re due for a mini audit of your priorities, here’s how you can do it. List Your Financial Goals The best way to think about priorities is through setting goals. If you understand what it is that you want to achieve with your income, you’ll have a much clearer picture of ...
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SBA Ordered to Release Names, Addresses of All Recipients, and Precise Loan Amounts Under PPP, EIDL Program

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy & Communications November 5, 2020 Today, the United States District Court for the District of Columbia ordered the U.S. Small Business Administration (SBA) to release by November 19, 2020, the names and addresses of all recipients, and precise loan amounts issued under the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) program.   Memorandum Opinion: WP Co., LLC v. U.S. Small Business Admin., D.D.C., Civil Action No.20-1240, (November 5, 2020). Procedural History Earlier this year, eleven national news organizations submitted Freedom of Information Act (FOIA) requests ...
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Treasury, SBA Release Paycheck Protection Program (PPP) Loan Forgiveness Factsheet

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy & Communications October 30, 2020 Treasury and the U.S. Small Business Administration (SBA) on October 30 released a Paycheck Protection Program (PPP) Loan Forgiveness Factsheet.  The two-page factsheet provides borrowers with step-by-step instructions on how to apply for PPP loan forgiveness. The PPP, enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, (P.L. 116-136), provided forgivable loans to eligible small businesses, certain non-profit organizations, veteran’s organizations, Tribal business concerns, independent contractors, and self-employed individuals adversely impacted ...
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10 Overlooked Tax Deductions on Vacation Rentals

By Kent Heele
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Short-term rental marketplaces such as Airbnb, HomeAway, and VRBO have made it easy for homeowners and property managers to market their rental property. Experienced operators know that in order to succeed, they need to treat their short-term rental like a business. Luckily, the IRS agrees, so if your   rental-property owning clients   already operate like a business, they also get businesslike deductions when income tax time comes. It does pay to do a little research to make sure clients aren’t missing out on the deductions they could claim. Homeowners and property managers should especially pay attention to the Tax Cuts and Jobs Act (TCJA) deductions, which ...
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IRS Releases Draft 2020 Form 1040 Instructions Overnight; SBA Releases PPP Notice for Public Comment

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy & Communications October 24, 2020 The IRS released draft 2020 Form 1040 and 1040-SR Instructions overnight on October 23, which includes instructions for Schedules 1 through 3. Additionally, the U.S. Small Business Administration (SBA) has released, and is expected to formally publish, a Paycheck Protection Program (PPP) Notice for public comment on Monday, October 26.  PPP The PPP, enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, (P.L. 116-136), provided forgivable loans to eligible small businesses, certain non-profit organizations, veteran’s organizations, Tribal ...
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How to Recover Financially After a Time of Being Unemployed

By Kent Heele
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A period of being jobless can be financially and emotionally devastating. Even if you have received a redundancy paying, keeping up with all your monthly payments can put a real strain on your finances. Once you get back into the workplace, taking certain steps can help you to get out of debt and improve your finances. Your financial recovery after being jobless will depend on carefully assessing your finances and formulating a recovery plan. Perhaps you haven’t landed the job you want and you have just taken it to get a foot back in the workforce. Even so, you should give it 100% and keep networking if you want to find a more appropriate job in the future. ...
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The Value of Traceability in Your Business’s Supply Chain

By Kent Heele
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Supply chain traceability is often confused with supply chain management (SCM) when there are differences, and the two terms should not be used interchangeably. SCM is an internal matter that has to do with managing inventory, supplier relationships, and logistics. Supply chain traceability is becoming an increasingly important external matter related to the provenance of goods and how they arrive in the consumer’s life. This means access to a supply chain map to show whose hands the product travels as it is manufactured. Higher expectations around traceability More customers want to know where their products originate as consumer consciousness ...
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SBA, Treasury Release Updated FAQs on PPP Loan Forgiveness

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy and Communications October 13, 2020 The U.S. Small Business Administration (SBA), in consultation with Treasury, on October 13 released updated  FAQs on Paycheck Protection Program (PPP) loan forgiveness. The sub-regulatory guidance is intended for both lenders and borrowers participating in the small business loan program enacted under the bipartisan C oronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). The updated guidance serves to clarify questions surrounding PPP loan forgiveness application forms’ (3508, 3508EZ, and 3508S) display of an expiration date of "10/31/2020" in the ...
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Senate Readies Vote Next Week on Paycheck Protection Program Enhancement Bill

By Jessica Jeane, J.D.
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  Jessica L. Jeane, J.D. Director of Public Policy and Communications October 13, 2020 "The National Society of Accountants (NSA) appreciates the importance of PPP-related information for our members and their clients," said NSA's CEO John Rice. "While uncertainty still surrounds the program, NSA will continue to provide timely updates for our members on all pertinent PPP developments." Senate PPP Enhancement Bill Senate leadership is preparing to hold a vote next week on a Paycheck Protection Program (PPP) enhancement bill after senators return to Washington, D.C., on October 19. At this time, the measure, although supporting the small business loan ...
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IRS Adds Barcode Technology to CP14 and CP14 IA Notices

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy and Communications October 13, 2020 The IRS, for the first time, is adding barcode technology to the CP14 and CP14 IA notices. “Starting this month, the CP14 and CP14 IA notices that inform taxpayers that they owe money on unpaid taxes and their payment options are now equipped with QR bar codes to help those taxpayers securely and easily navigate to the IRS.gov website,” the IRS wrote in IR-2020-233. “Taxpayers can now use their smartphones to scan a QR code in the CP14 or CP14 IA to go directly to IRS.gov and securely access their account, set up a payment plan or contact the Taxpayer Advocate Service.” ...
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Trump Administration Urges Congress to Pass Stand-Alone Paycheck Protection Program Bill

By Jessica Jeane, J.D.
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  Jessica L. Jeane, J.D. Director of Public Policy and Communications October 11, 2020 Treasury and the White House are urging Congress to pass a stand-alone Paycheck Protection Program (PPP) bill as stimulus talks between the Trump administration and Democratic congressional leadership have stalled.  “Now is the time for us to come together and immediately vote on a bill to allow us to spend the unused [PPP] funds while we continue to work toward a comprehensive package,” Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows wrote in a Sunday, October 11 letter to Congress. Currently, approximately $134 billion remains in available ...
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SBA, Treasury Unveil Simpler PPP Forgiveness Application for Loans of $50,000 or Less

By Jessica Jeane, J.D.
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Jessica L. Jeane, J.D. Director of Public Policy and Communications October 8, 2020 The U.S. Small Business Administration, in consultation with Treasury, unveiled late in the evening of October 8 a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. “The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” Treasury Secretary Steven Mnuchin said in an October 8 press release. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP ...
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IRS Temporarily Changes Procedure for Form 8886, Reportable Transaction Disclosure Statement to Allow Fax Transmission

By Jessica Jeane, J.D.
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October 8, 2020 Jessica L. Jeane, J.D. Director of Public Policy and Communications The IRS is temporarily allowing taxpayers to fax the required separate copy of Form 8886, Reportable Transaction Disclosure Statement with the Office of Tax Shelter Analysis (OTSA). “The IRS will accept the separate OTSA copy of the initial year filing of Form 8886 via fax to 844-253-2553 . This temporary procedure is in effect until further notice,” the IRS said on October 8.  Additionally, the IRS highlighted the importance of taxpayers continuing to submit two copies of Form 8886, which includes one with their tax return, including any extensions. However, the paper ...
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