The IRS finalized regulations governing the treatment of net operating losses by consolidated groups after recent legislation changed the rules.
Advertisement
NEWS
Several states provide one-month filing relief for corporate deadlines
With the Oct. 15 corporate tax filing deadline looming and the global pandemic still affecting taxpayers and practitioners, several states have provided one-month filing relief for their corporate Oct. 15 deadlines.
Audit committee cybersecurity disclosures rising in proxy statements
Disclosures around oversight of cybersecurity risk by audit committees are increasing in public company proxy statements, according to a yearly analysis released by the Center for Audit Quality and Audit Analytics. But other disclosures have leveled off in recent years.
PPP forgiveness simplified for loans of $50,000 or less
PPP borrowers of $50,000 or less will have the opportunity to apply for forgiveness using a simplified application. Under the new process, these borrowers will be exempted from penalties for reduction of full-time employees or employees’ salary or wages.
Rules govern withholding on transfers of partnership interests and ECI
The IRS finalized proposed regulations on withholding from transfers of partnership interests to foreign persons and the definition of effectively connected income for those purposes.
Fair value, stablecoins addressed in new AICPA guidance
Nonauthoritative set of 13 Q&As also touches on how investment companies and broker-dealers should account for digital assets.
SBA clarifies deferral period for PPP loan payments
The SBA released guidance clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral.
With Oct. 15 looming, some practitioners face daunting challenges
Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.
Nonfilers have until Nov. 21 to apply for economic impact payment
The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.
PPP borrowers, lenders get change-in-ownership guidance from SBA
The US SBA issued a procedural notice designed to help PPP borrowers and their lenders understand their responsibilities when a borrower undergoes a change in ownership.
Health coverage reporting deadline extended
The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.
ABLE account final rules provide wide-ranging guidance
Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.
IRS releases final rules on business meals and entertainment
The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, P.L. 115-97, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
Employers get guidance on income tax withholding from wages
The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.
‘Direct examination’ engagement created by SSAE No. 21
Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard published by the AICPA Auditing Standards Board (ASB).
Foreign tax credit allocation and apportionment rules finalized
The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
What COVID-19 has taught corporate boards
Boards were meeting more regularly, more virtually, and getting more into the details on topics previously addressed only at a high level.
How auditors can enhance the reliability of non-GAAP reporting
Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.
Small business accounting regulations and tax shelter implications
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
Companies use full array of tools to navigate the pandemic
Companies have used various means to expand credit, conserve cash and reduce tax burdens to combat the devastation of the pandemic. Here are some of the tactics that large public companies have used.
Features
FROM THIS MONTH'S ISSUE
Clean data faster using Excel’s REGEX functions
Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
