Auld Lang Syne: 2020 in Review

Happy 2021! Looking back, we see that tax controversies continued in 2020 despite the pandemic. Plus, there were important tax developments in case law, through passage of the CARES Act and issuance of an abundance of regulations. The year 2020 also marked Congress’ passing of a late-year fiscal stimulus bill, which included tax provisions such as allowing companies to deduct expenses associated with forgiven PPP loans, continuing a variety of extenders, and even providing a two-year break on the deductibility of business meals.

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