PPP Deadline Extended - You Still Have Time to ApplyBy Michael J. Greenwald, MPPM, CPA, Business Tax Leader
Prepare your business for significant dates surrounding Paycheck Protection loan applications, Shuttered Venues Operator Grants and Restaurant Revitalization Fund Grants to determine the most effective course of action for you and your business.
PPP Application Extended
As expected, the Senate has joined the House in voting to extend the deadline for Paycheck...
IRS Postpones SOME Tax Due DatesBy Michael J. Greenwald, MPPM, CPA, Business Tax Leader
Despite continued reassurances that the IRS could handle all of the recent COVID-19 related stimulus — including another round of recovery rebate checks and advance payment of Child Tax Credits — it has bowed to the pressure from lawmakers and some professional organizations and extended some tax filing and payment...
Get to Know the New York Forward Loan FundBy Christian J. Burgos, J.D., LL.M., Managing Principal, Co-Leader State and Local Tax
The New York Forward Loan Fund (“NYFLF”) is an economic recovery program that administers affordable, non-forgivable working capital loans. The program makes loans of up to $100,000 available to New York small businesses, nonprofits and small landlords, as they reopen after the COVID-19 outbreak and New York State on PAUSE...
Introducing the Improved Employee Retention CreditBy Michael J. Greenwald, MPPM, CPA, Business Tax Leader
The CARES Act passed last March contained a number of important stimulus provisions. Among these were the Paycheck Protection Program (“PPP”) loans and the Employee Retention Credit (“ERC”). At that time, employers were limited to one or the other. For most, the PPP loans were more beneficial and, as a...
The IRS Extends Deadlines Again for Qualified Opportunity Funds and InvestorsBy Steven Bokiess
To meet the compliance requirements of the Qualified Opportunity Zone (“QOZ”) program, Qualified Opportunity Funds (“QOFs”) and their investors must meet specific deadlines. In recognition of the economic disruption caused by the coronavirus pandemic, the IRS extended many of these deadlines in Notice 2020-39 issued in June, 2020. In its...
IRS Issues Guidance Confirming Deductibility of State Tax Payments by Pass-Through Entities Not Subject to SALT CAPBy By Christian J. Burgos, J.D., LL.M., Managing Principal and Tom Corrie, JD, LL.M., Principal
On November 9, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-75 (“Notice”), which announced that proposed regulations will be forthcoming, clarifying the deductibility of “state and local income taxes imposed on and paid by a partnership or an S corporation” (collectively, “Pass-Through Entities” or “PTEs”) on its non-separately stated...
SBA Creates New PPP Uncertainty with its Uncertainty Certification FormsBy Jeffrey Resnick, CPA, Partner and Michael J. Greenwald, MPPM, CPA, Business Tax Leader
Over the course of the Paycheck Protection Program (“PPP”), the Small Business Administration (“SBA”) has released guidance in the form of FAQs. In April and May, guidance was released on Borrowers’ good faith certification of their eligibility for PPP loans and explained how the SBA would review such good-faith certification.
IRS Releases First Cryptocurrency Tax Guidance in Five Years
On October 9th, the Internal Revenue Service (IRS) issued the first cryptocurrency tax guidance since 2014, advising digital currency holders on how to pay taxes on investments. The new Revenue Ruling provides FAQs covering basis, gain or loss on the sale or exchange of digital currency, and ways to determine...
International Tax Alert: Withholding Tax on Sales of Partnership Interests by Foreign Person(s)
The Tax Cuts and Jobs Act (“TCJA”) imposed tax on gains derived from the disposition of interests in partnerships carrying on a US trade or business.
To enforce this new regime against foreign partners, the TCJA also introduced a new withholding tax regime, Section 1446(f). Under this withholding regime, the purchaser...
IRS Campaign Shifts the Focus to Transfer Pricing
The IRS Large Business & International (“LB&I”) division recently announced three new compliance campaigns affecting transfer pricing. The goal of LB&I’s new campaigns is to improve return selection, identify issues representing non-compliance risks and ensure the efficient use of limited resources. The compliance campaigns are:
Captive Services Provider Campaign – This campaign concerns arm’s length...