Brady Ware News

USMCA: New Trade Agreement Will Modernize NAFTA

USMCA: New Trade Agreement Will Modernize NAFTA The United States-Mexico-Canada Agreement (USMCA) will take effect on July 1, 2020. President Trump has hailed the new North American trade treaty as a “colossal victory” for Americans. Whether the impact is worthy of superlatives will vary by industry sector and geography. Here’s what U.S. business owners should…

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COVID-19 Relief: Nonresident Aliens, Foreign Corporations

COVID-19 Relief Available to Some Nonresident Aliens, Foreign Corporations In recent guidance, the IRS provided relief to nonresident aliens and foreign corporations affected by the novel coronavirus (COVID-19) pandemic. More specifically, the relief applies to eligible parties who normally wouldn’t conduct business in the United States but have done so because they couldn’t leave the…

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Prepare for a Post-COVID-19 Business Sea Change

Prepare for a Post-COVID-19 Business Sea Change Few businesses have been left unscathed by the novel coronavirus (COVID-19) pandemic. Unfortunately, many have been mortally wounded. Some may be living on life support thanks to financial help from the government, but their long-term survival is in doubt. That may not be inevitable, however, particularly for businesses…

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Nonprofit Tax Law Changes

3 Tax Law Changes Affecting Nonprofits The Taxpayer Certainty and Disaster Tax Relief Act passed late last year includes three significant tax law changes that can affect not-for-profit organizations. They deserve your attention now because the law’s provisions may affect the current tax year — and even previous tax years. Following are brief summaries of…

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IRS Clarifies No Double Benefit on Loan Forgiveness Payments

The IRS Releases Notice 2020-32 Notice 2020-32 provides clarification that normal business related expenses which are otherwise deductible for tax purposes are not deductible if the payment of such expense results in forgiveness of a paycheck protection program loan (“PPP).  Expenses potentially eligible for loan forgiveness under the PPP include payroll costs, payment of interest…

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