The Treasury Department and the SBA have released new interim final rules, a new how-to FAQ and other revised FAQs to further explain how the PPP loan rules work. The clarifications relating to loan maturity, calculation of loan forgiveness amounts... Read More
Who would have known that the title of one of the late, great Kenny Roger’s most successful hits would be applicable to the world of professional services, particularly HITRUST? As a ten-year veteran in the cyber, risk management and compliance... Read More
The IRS has provided relief to U.S. persons who had to conduct business in a foreign country because they could not travel home due to “travel disruptions.” In Rev. Proc. 2020-30, the IRS clarifies the issue of whether extended business... Read More
By Bryce Nations and Andrew Case As part of its continuing response to the COVID-19 pandemic, the IRS, in Notice 2020-39, has loosened the rules for opportunity zone investments, extending deadlines and relaxing investment standards. The opportunity zone program offers... Read More
While much has been written over the last several months about the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan Program (“EIDL”) administered by the Small Business Administration through the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, there are... Read More
On June 5th, the President signed a bill into law which grants PPP borrowers more flexibility in spending loan funds. The key changes made by the Payroll Protection Program Flexibility Act of 2020 (the “Act”) are: Change in the Covered... Read More
Almost weekly, Treasury, the IRS, and the SBA release guidance to help businesses understand and comply with the loan programs and tax changes enacted to mitigate economic damage from the COVID-19 pandemic. Recently, two interim final rules were released by the SBA to address some of the finer points of PPP loan forgiveness. The first set of rules covers payroll periods... Read More
Under the CARES Act, employers get a refundable payroll tax credit for 50% of the first $10,000 in wages paid to employees during the COVID-19 crisis. The credit is allowed against the employer portion of social security taxes on wages... Read More
On May 15, 2020, the Small Business Administration (SBA) announced the Paycheck Protection Program (PPP) loan forgiveness application. The application helps clarify some aspects of loan forgiveness that have been generating questions and concerns from loan recipients. Borrowers will be... Read More
The CARES Act and Net Operating Losses Section 2303 of the CARES Act modifies the net operating loss (NOL) rules for both corporate and non-corporate taxpayers to permit the carryback of net operating losses generated in years beginning after December... Read More
