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  • 03/26/2021
    PPP Deadline Extended - You Still Have Time to Apply    By 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...

  • 03/19/2021
    IRS Postpones SOME Tax Due Dates    By 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...

  • 02/09/2021
    Get to Know the New York Forward Loan Fund    By 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...

  • 02/01/2021
    Introducing the Improved Employee Retention Credit    By 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...

  • 01/28/2021
    The IRS Extends Deadlines Again for Qualified Opportunity Funds and Investors    By 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...

  • 11/16/2020
    IRS Issues Guidance Confirming Deductibility of State Tax Payments by Pass-Through Entities Not Subject to SALT CAP    By 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...

  • 11/05/2020
    SBA Creates New PPP Uncertainty with its Uncertainty Certification Forms    By 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. Last...

  • 10/15/2019
    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...

  • 06/14/2019
    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...

  • 05/08/2019
    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...

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