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The Consolidated Appropriations Act of 2021

USA - January 26 2021 About-Face on Deductibility of PPP Expenses. The CAA overrules the IRS’s previous guidance denying the deductibility of expenses relating…

Gary T. Silverstein, Linda Z. Swartz, Mark P. Howe.

An About-Face on PPP Deductibility

USA - January 26 2021 The Consolidation Appropriations Act of 2021 overrules the IRS’s previous guidance (discussed here) holding that expenses giving rise to the…

Adam Blakemore, Gary T. Silverstein, Linda Z. Swartz, Mark P. Howe.

IRS Extends COVID-19 Forbearance Relief for REMICs and Grantor Trusts

USA - January 14 2021 On January 14, 2021, the IRS issued Revenue Procedure 2021-12, which extends the coronavirus-related relief granted to certain investment vehicles…

Adam Blakemore, Gary T. Silverstein, Linda Z. Swartz, Mark P. Howe.

IRS Extends COVID-19 Forbearance Relief for REMICs and Grantor Trusts

USA - January 14 2021 On January 14, 2021, the IRS issued Revenue Procedure 2021-21, which extends the coronavirus-related relief granted to certain investment vehicles…

Adam Blakemore, Gary T. Silverstein, Linda Z. Swartz, Mark P. Howe.

IRS Finalizes Carried Interest Regulations

USA - January 7 2021 On January 7, 2021, the IRS and Treasury issued final regulations under section 1061 of the tax code. Section 1061 imposes a three-year…

Adam Blakemore, Gary T. Silverstein, Linda Z. Swartz, Mark P. Howe.