CPA, Partner @sikichllp - tax & bus valuation | Logan Co., IL farm roots | Forbes Top 100 Tax Twitter Account-2021 | Bloomberg Tax Professional to Follow-2022
Dec 21, 2020 • 15 tweets • 10 min read
Ok, so we now have the bill text for this nearly $900 billion relief bill. Let’s see what is in there. docs.house.gov/billsthisweek/…#TaxTwitter 1/x
First, it is what #TaxTwitter has been hoping for, there is #PPP expense DEDUCTIBILITY included (despite several ups and downs the past few days). This provision makes the PPP loans tax-free as Congress intended despite any tax technical arguments to the contrary. 2/x
Feb 4, 2019 • 17 tweets • 5 min read
#TaxTwitter - #163j interest limitations are quite complex. Check out this @PWCtax insight for a very comprehensive discussion of several matters. Has some really helpful takeaways in particular regarding K-1 reporting. Some highlights follow. pwc.com/us/en/services… 1/X
Remember that there were already #163j proposed regs issued, way back in 1991. Those were never finalized. Here’s hoping this time Treasury moves a bit quicker. 2/X
