Archive for December 2020
Latest Update on CIO-SP4
The NIH Office of Logistics and Acquisition Operations Associate Director Brian Goodger, who is also NITAAC’s acting director, announced that the much-anticipated CIO-SP4 $40B RFP is now expected to be released a few weeks later than initially anticipated. The expectations are to have the RFP issued between January 11 – 15, 2021. The CIO-SP4 contract…
Read MoreWhat Discount Rate to Use Under ASC 842 to Calculate Your Lease Liability
One of the key changes under the new leasing standard, Accounting Standards Codification Topic 842 (Topic or ASC 842), is that a lessee must calculate a lease liability at each balance sheet date for both its operating and finance (formerly ‘capital’) leases. The only exception is for certain leases with an original term at lease…
Read MoreWebinar: Provider Relief Funds – What You Need to Know
HHS’s reporting portal for Provider Relief Funds (PRF) opens on January 15th and the first “use of funds” deadline is February 15th. Aprio’s information-packed PRF webinar will leave you with knowledge of the latest HHS reporting guidelines to stay in front of deadlines and ensure compliance. Topics Covered: Levels of reporting based on grant size…
Read MoreCongress Makes Business Meals Temporarily 100% Deductible
When Congress passed the Tax Cuts and Jobs Act (TCJA) in 2017, it significantly limited the tax benefits available to companies by eliminating the deduction for entertainment expenses and reducing the deductible amount for certain types of meals (M&E). Currently, business meals are generally only 50% deductible and entertainment expenses are fully disallowed for tax…
Read MoreBasis, That is the Question! If Not Now, When?
The Consolidated Appropriations Act of 2020 (CAA) provided clarification and delivered welcome news for owners of pass-thru entities (S corporations and LLCs/partnerships) who have taken advantage of the CARES Act Paycheck Protection Program (PPP) loans program and anticipate their loan will be forgiven. As tax professionals, we are watching closely as this new legislation passes…
Read MoreThe Individual and Business Tax Provisions in the Consolidated Appropriations Act of 2020
The Consolidated Appropriations Act of 2020 (CAA) marks the culmination of months of negotiation around bringing aid to Americans affected by COVID. The tax-related portion of this legislation accomplished three things: Made certain existing provisions permanent; Extended temporarily provisions that were set to expire; and Added new provisions to existing tax laws. Individual Provisions In…
Read MoreConsolidated Appropriations Act of 2020 Favorable to Real Estate Industry
In the 5,593-page Consolidated Appropriations Act of 2020 (the Act), there are several provisions which impact the real estate industry. To the satisfaction of many real estate investors, all the changes either result in favorable deductions, prevent credits from expiring, or allow the credits to be worth more starting in 2021. Section 201 – Minimum…
Read MoreEnhancements to the Employee Retention Credit
Monday, December 21st, 2020, Congress passed the Consolidated Appropriations Act of 2021 (the Act) which included several enhancements to the Employee Retention Credit (ERC). The most prominent change is that businesses that received a loan pursuant to the Paycheck Protection Program (PPP) are now eligible for the ERC. The ERC is designed to encourage businesses…
Read MorePPP Loan Expenses Deductible At Last
On December 20, 2020, Congress approved the Emergency COVID Relief Act of 2020 (the Act), which provides another round of stimulus funding as well as a long-awaited update regarding full deductibility of expenses covered by PPP loans and guidance regarding the related impact to tax basis for owners of flow-through entities. PPP Loan Forgiveness and…
Read MorePodcast: PPP 2.0 Everything You Need To Know with Justin Elanjian
What’s changing with PPP? Take 20 minutes and listen to Cloud Accounting’s Podcast. This bonus Episode 206 is an overview of the top 10 things accountants need to know about PPP 2.0. Featuring Aprio’s PPP expert Justin Elanjian, CPA, who has done over 100 PPP webinars this year!
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