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No Final Word From Congress - It Is Late in the Game and We Still Do Not Know If the Use of Forgiven PPP Loan Proceeds on Business Expenses Will End Up Being Deductible

USA - September 8 2020 More than six months into the coronavirus pandemic, and approximately four months since the IRS issued Notice 2020-32, it is looking increasingly…

Peter A. Evalds.

Taxpayers May Get to Have Their Cake and Eat It Too After All - Senate Bill 3612 Could Be the Silver Bullet That Makes Things Right After the IRS Issued Notice 2020-32

USA - May 6 2020 Last week, we reported that the IRS issued Notice 2020-32, wherein (relying primarily on Code Section 265) it emphatically pronounced that…

Get Ready - The Internal Revenue Service May Be Knocking on Partnership Doors Next Year

USA - December 8 2020 On November 2, 2015, the Bipartisan Budget Act (“Act”) was signed into law by President Barack Obama. One of the many provisions of…

Opportunity Zone Funds - Part I: Overview of the Law

Australia, USA - January 7 2019 Sections 1400Z-1 and 1400Z-2 were added to the Internal Revenue Code of 1986, as amended (the “Code”) by the Tax Cuts and JOBS Act. These new…

Peter A. Evalds, Steven Nofziger.

Opportunity Zone Funds - Part II: Due Diligence Required

USA - February 5 2019 As with any investment, due diligence is required. Investing in an Opportunity Zone Fund ("OZF") is not any different. Historically, we have seen…