Tax breaks

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.

The bill has far-reaching tax consequences, including in the world of specialty tax.

The Internal Revenue Service and the Treasury Department released guidance that offers an extension of a safe harbor for developers of renewable energy projects located either offshore or on federal land.

The relief bill includes an extension of the 45Q tax credit, which gives companies a tax break for capturing carbon..

Tucked in among more than 5,000 pages of legislative text, the congressional bill providing COVID-19 relief and 2021 government funding includes dozens of tax breaks for beneficiaries ranging from downtown restaurants and the film industry to motor-sports racetracks.

The House and Senate are set to vote Monday on $900 billion in pandemic relief aimed at boosting the U.S. economy into the early spring, combined with $1.4 trillion to fund regular government operations for the rest of the fiscal year.

Here are some obvious and not-so-obvious year-end tax tips to consider as we prepare ourselves and our clients for the new year.

New York authorities are seeking more records of Donald Trump's company’s communication with an engineer who helped appraise its property.

President Donald Trump spent months on the campaign trail taking credit for “opportunity zones,” a policy meant to encourage investment in distressed communities across the U.S. Joe Biden’s team sees potential in the idea, too.

When Trump Organization CFO Allen Weisselberg’s son got married in 2004, the young couple got a generous wedding gift: use of an apartment, overlooking Central Park, rent-free.