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Recent Posts by Barret Pinto

IRS Issues New Guidance on When PPP Loan Expenses Are Deductible
Posted by Barret Pinto on Thu, Dec 17, 2020 @ 03:48 PM

On Nov. 18, 2020, the IRS weighed in on whether expenses used to support Payroll Protection Program (PPP) loan forgiveness are deductible, assuming the forgiveness occurs in the year after the expenses are incurred. In Rev. Rul. 2020-27, the IRS doubled down on its previous position by holding that expenses incurred in the year prior to forgiveness are also nondeductible.

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Topics: PPP, PPP Loan Forgiveness, Payment Protection Program

Tackling Tariffs: A Deep Dive Into How Tariffs Affect You and Your Business
Posted by Barret Pinto on Fri, Sep 13, 2019 @ 12:29 PM

One of the favored talking points of President Trump is the trade deficit between the U.S. and China. And one of his favored solutions to remediate this imbalance is tariffs. Opponents argue tariffs hurt consumers by driving up the cost of imports and generating tension with trading partners. Proponents counter they can be necessary to pressure countries to play fair on trade. What is certain is their effects are complicated and undoubtedly impact you and your business in one way or another.

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Topics: Donald Trump, tariffs, Customs

IRS Releases Proposed Regulations and Other Guidance Under Section 965
Posted by Barret Pinto on Mon, Dec 17, 2018 @ 12:09 PM

In October, the IRS released its proposed regulations interpreting Section 965, the provision in the Tax Cuts and Jobs Act (TCJA) that imposes a one-time “transition tax” to U.S. shareholders on the accumulated earnings and profits of certain U.S. owned foreign corporations. The transition tax is effected through a deemed repatriation mechanism. Not surprisingly, Section 965 continues to be a hot topic.

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Topics: Tax Cuts and Jobs Act, TCJA, Section 965, cfc, transition tax

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