Newsletters

02.11.21

Update on Deductibility of Expenses Paid With Forgiven PPP Loans

The IRS released an advance version of Rev. Rul. 2021-2, which is consistent with a legislative change allowing taxpayers to deduct otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven (or expected to be forgiven).  


09.02.20

Updated: Guidance on Payroll Tax Deferral

On August 8, 2020, President Trump issued an executive order directing the Secretary of the Treasury to permit employers to defer the withholding and deposit of certain payroll tax obligations.


04.04.20

An Updated Practical Guide for Small Businesses to Obtain a Paycheck Protection Loan Under CARES Act

On April 2, 2020 and April 4, 2020, the Small Business Administration (SBA) issued unusual interim final rules (the Rules) providing further detail regarding Paycheck Protection Program loans under the CARES Act. The Rules will take effect immediately upon publication in the Federal ...


03.31.20

New Small Business Administration Paycheck Protection Program Information

The Treasury Department released additional information today regarding the Paycheck Protection Program that has been authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).


03.30.20

Congressional Action—Lending Programs and Relief Provisions Under the CARES Act

On March 27, 2020, President Donald Trump signed into law the CARES Act, an approximately $2 trillion stimulus package to mitigate the adverse economic effects of the COVID-19 pandemic.


03.27.20

Employers Receive Payroll Tax Credit Relief for Emergency COVID-19 Sick Leave

To help employers cover the cost of paid sick leave or family or medical leave for their employees who miss work for reasons related to the COVID-19 pandemic, the Families First Coronavirus Response Act (H.R. 6201) provides for an employer federal tax credit against the Social Security portion of ...


03.27.20

Federal and State Tax Return Filing and Payment Dates Postponed

After previously announcing a delay in the payment due date (but not the return filing date) for individual and corporate income taxes below certain thresholds, on March 21 the Internal Revenue Service announced that the federal income tax filing due date for 2019 returns is automatically extended ...


03.27.20

Delay of Payment of Employer Payroll Taxes

Under Section 2302 of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), an employer may delay the payment of the employer share of Social Security taxes (6.2% rate) that otherwise would be due between March 27, 2020, and December 31, 2020.


03.27.20

Modifying Revised Net Operating Loss Tax Rules to Ease Financial and Economic Effects of COVID-19

The COVID-19 pandemic's effects on our nation include significant financial and economic hardships.


03.27.20

Limited Expansion of Business Interest Deduction to Offset Effects of COVID-19

The COVID-19 pandemic threatens the viability of many of our country's businesses by necessitating that they close their doors to normal operations, resulting in less income and likely reductions in workforce.