On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated...more
12/23/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Tax Deductions ,
Tax Planning
Through the release of a Revenue Ruling and a Revenue Procedure, the IRS re-affirmed its stance that taxpayers may not deduct payments for otherwise deductible business expenses (i.e., payroll, rent, covered utility payments,...more
Way back in March, as the pandemic began to set in, Congress quickly passed the Families First Coronavirus Response Act (the Act) as part of a barrage of legislation aimed at providing relief to American workers. The Act...more
7/10/2020
/ Employer Liability Issues ,
Employment Policies ,
Infectious Diseases ,
IRS ,
New Guidance ,
Paid Leave ,
Popular ,
Reporting Requirements ,
Self-Employment Tax ,
Sick Leave ,
Tax Credits ,
Wage and Hour
The IRS recently offered relief to Qualified Opportunity Fund investors, waiving a penalty and pushing back some investment deadlines. This new guidance comes as investment in opportunity zones slows, stymied by brisk...more
Shortly after we issued our guidance on the Families First Coronavirus Response Act (H.R. 6201) (the “FFCRA”) last week Friday, the Department of Labor and the Treasury Department jointly issued IRS Bulletin 2020-57 stating...more
Yesterday, the IRS issued Notice 2018-54 and an accompanying news release stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax proposes....more