The IRS posted an advance copy of final regulations that provide guidance on how an exempt organization subject to the unrelated business income tax (UBIT) determines if it has more than one unrelated trade or business (T.D. 9933). The regulations also discuss how an exempt organization calculates unrelated business taxable income (UBTI) if it has […]
The IRS’s response to the COVID-19 pandemic has included focused relief from tax penalties, but taxpayers and tax professionals should not expect a “blanket” approach, IRS Commissioner Charles Rettig told CPAs on Tuesday. Rettig addressed penalties, among other pandemic recovery and longer-term priorities for the Service, during his address to the AICPA National Tax & […]
In guidance issued late on Wednesday, the IRS reiterated its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan because the income associated with the forgiveness is excluded from gross income under the Coronavirus Aid, Relief, […]
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