LanguageEnglish
+

Friday, 3 July

Search Engine

IRS guidance provides RMD rollover relief

Stephen Leazzo

Posted By: Stephen Leazzo

Posted July 2, 2020 / No comments

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs

Read More

PPP borrowers get concessions, additional guidance on forgiveness

Robert Tighe

Posted By: Robert Tighe

Posted June 9, 2020 / No comments

The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from the U.S. Department

Read More

The IRS clarifies the deductibility of PPP-funded expenses

Stephen Leazzo

Posted By: Stephen Leazzo

Posted May 14, 2020 / No comments

The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t provide the answer

Read More

SBA Guidance on Good-Faith Certification (PPPL)

Robert Tighe

Posted By: Robert Tighe

Posted May 13, 2020 / No comments

Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?   Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation with the Department of the Treasury,

Read More

SBA extends the PPP repayment deadline for self-certification

Keith Orr

Posted By: Keith Orr

Posted May 7, 2020 / No comments

The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that repay their loans by that date preempt the possibility of

Read More

Congress expands small business COVID-19 relief

Keith Orr

Posted By: Keith Orr

Posted April 24, 2020 / No comments

Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic

Read More

The IRS announces new COVID-19-related assistance for taxpayers

Cynthia Petschke

Posted By: Cynthia Petschke

Posted April 13, 2020 / No comments

The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional

Read More

The Small Business Administration launches the Paycheck Protection Program

Keith Orr

Posted By: Keith Orr

Posted April 7, 2020 / No comments

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocates nearly $350 billion to a new lending program through the Small Business Administration (SBA), aimed at helping employers cover their payrolls during the coronavirus (COVID-19) pandemic. The loans under the Paycheck Protection Program (PPP) are subject to 100% forgiveness if certain criteria are satisfied,

Read More

COVID-19 stimulus package offers relief to affected individual taxpayers

Timothy King

Posted By: Timothy King

Posted April 1, 2020 / No comments

To help mitigate the financial and health crises related to the coronavirus (COVID-19), on Friday, March 27, 2020, President Trump signed into law the largest economic relief package in modern U.S. history. The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to shore up the country on multiple fronts and

Read More

CARES Act provides COVID-19 pandemic relief to businesses

Robert Tighe

Posted By: Robert Tighe

Posted March 30, 2020 / No comments

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended

Read More