On August 8, 2020, President Trump issued an executive order, directing the U.S. Treasury to grant employers the ability to defer the withholding, deposit and payment of certain payroll taxes as further COVID-19 tax relief....more
9/2/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Payroll Taxes ,
Social Security Taxes ,
Tax Deferral ,
Tax Liability ,
Tax Relief ,
Trump Administration ,
U.S. Treasury ,
Wage and Hour ,
Withholding Tax
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act waives the requirement that taxpayers take required minimum distributions (“RMDs”) for 2020 from IRAs, 401(k) plans and other defined contribution plans....more
Up until this past Wednesday, the Paycheck Protection Program (“PPP”) loan forgiveness application issued by the Small Business Administration (“SBA”) had not been updated since May. New guidance was issued in the interim...more
6/19/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Interim Final Rules (IFR) ,
Loan Applications ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Relief Measures ,
SBA ,
Small Business ,
Small Business Loans
On Friday, May 22, 2020, the Small Business Administration (“SBA”), in conjunction and consultation with the U.S. Department of the Treasury (“Treasury”), published an interim final rule (“IFR”) containing new guidance on the...more
5/29/2020
/ Bonuses ,
CARES Act ,
Coronavirus/COVID-19 ,
Furloughs ,
Hazard Pay ,
Interim Final Rules (IFR) ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Prepayments ,
Relief Measures ,
Required Documentation ,
SBA ,
Small Business ,
Small Business Loans ,
Tax Planning ,
U.S. Treasury ,
Wage and Hour
New guidance from the Oregon Department of Revenue (the “DOR”) with respect to Oregon’s Corporate Activity Tax (“CAT”) was issued Wednesday, May 6th.
Specifically, the DOR announced that:
- Certain forgivable federal...more
5/8/2020
/ Commercial Activity Tax ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Department of Revenue ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Institutions ,
Income Taxes ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Public Hearing ,
SBA Lending Programs ,
State Taxes ,
Tax Liability
In Notice 2020-32, issued Thursday, April 30th, the IRS emphatically pronounced that taxpayers receiving Paycheck Protection Program (“PPP”) loans do not get to have their cake and eat it too!
As we discussed in a recent...more
5/4/2020
/ Business Expenses ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Small Business ,
Tax Deductions ,
Tax Planning
Like other commentators, we have been writing extensively about the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the historic $2.2 trillion relief package enacted last month by lawmakers in the wake...more
NOTICE 2020-23 -
On April 9, 2020, the U.S. Secretary of the Treasury issued Notice 2020-23. It greatly expands the tax compliance relief previously granted to taxpayers in response to the COVID-19 pandemic....more
4/14/2020
/ Annual Filings ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Opportunity Zones ,
Revenue Procedures ,
Section 1031 Exchange ,
Tax Liability ,
Tax Planning ,
Tax Relief ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
The U.S. Department of Labor (the “DOL”) issued, effective April 6, 2020, temporary rules (“Rules”) relative to the Families First Coronavirus Response Act (the “FFCRA”). The Rules focus on the “Small Employer Exemption”...more
A Succinct Summary of the Key Tax Provisions -
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (colloquially, the “CARES Act” or the “Act”). The CARES Act is a...more
4/1/2020
/ CARES Act ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Employee Retention ,
Excise Tax ,
Financial Stimulus ,
Net Operating Losses ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Retirement Plan ,
Small Business ,
Student Loans ,
Tax Credits ,
Tax Deductions ,
Tax Exemptions ,
Tax Liability ,
Tax Relief ,
Trump Administration
President Trump signed the Families First Coronavirus Response Act (the “Act”) on March 18, 2020. The Act becomes effective April 2, 2020, and contains a number of tax provisions that fund the Act’s mandatory paid leave...more
Yesterday, like other commentators, we reported that, in accordance with its terms, the Families First Coronavirus Response Act (“Act”) is effective on April 2, 2020. Please be aware, the U.S. Department of Labor (“DOL”)...more