On February 10, 2023, the Pennsylvania Commonwealth Court issued four separate but related opinions denying property tax exemptions for four hospitals that had been purchased by the Tower Health system....more
The Paycheck Protection Program (PPP) was expected to stop accepting loan applications on June 30, 2020, but that date has now been extended to August 8, 2020. ...more
During this past week, the U.S. Small Business Administration (the SBA) has released a number of new or amended rules (the Rules) providing additional guidance on the Paycheck Protection Program (PPP) in light of the changes...more
In response to the ongoing COVID 19 pandemic, the IRS has given investors an extension of time to invest in Qualified Opportunity Zone projects, and has given Qualified Opportunity Funds (“QOFs”) and Qualified Opportunity...more
This week, the House and the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the Bill), making it easier for borrowers to obtain forgiveness of loans obtained under the Paycheck Protection Program...more
On Friday, May 15, the Small Business Administration released its application and instructions for forgiveness of Paycheck Protection Program (“PPP”) loans. Loan forgiveness is the next big question facing small businesses as...more
This Alert summarizes key benefits and considerations for mid-sized companies under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Mid-Sized Business Direct Loan Program (Mid-Sized Loan Program). Under...more
Two recent pieces of legislation, the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contain provisions intended to provide assistance to small...more
Just in time for the holidays, the Treasury Department and IRS have released final Qualified Opportunity Zone (QOZ) regulations....more
On April 17, the Department of Treasury and IRS released the much-awaited second round of proposed regulations on Qualified Opportunity Zone investments (the "Regulations"). The Regulations make it clear that Qualified...more
The Treasury Department has just released the second round of proposed regulations on opportunity zones. This 169-page regulatory package addresses some of the questions raised after the first round of regulations, and may...more
New Jersey’s tax amnesty program began November 15, 2018. The program runs through January 15, 2019, during which time eligible taxpayers can disclose and pay any outstanding taxes administered by the New Jersey Division of...more
On October 19, 2018, the Treasury Department issued much-anticipated guidance on Qualified Opportunity Funds (QOFs) and investments in them. QOFs are very attractive investments for investors who have recognized capital gains...more
On Thursday, June 21, 2018, The United States Supreme Court ruled that a state may require out-of-state sellers to collect sales tax, even when the sellers have no physical presence in the state. This decision, overturning...more
6/22/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus
President Trump just signed into law the most significant tax reform legislation since 1986. This legislation, formerly known as the Tax Cuts and Jobs Act (“the Act”), impacts aircraft owners directly. Beginning in 2018,...more
Congress has just passed the most significant tax reform legislation since 1986. It is expected that the Tax Cuts and Jobs Act (the Act) will be signed into law either in late 2017 or early 2018, depending on resolution of...more
Congress appears poised to pass the most significant tax reform legislation since 1986. It is expected that the Tax Cuts and Jobs Act will be passed and signed into law before the end of 2017, and that most provisions will be...more
The Pennsylvania Tax Amnesty Program begins on April 21, 2017, and continues through June 19, 2017. The amnesty period is open for 60 days.
During the amnesty period, any taxpayer with existing tax liabilities owing to...more
On December 8, 2016, the Philadelphia City Council approved a bill intended to close various perceived loopholes used by owners of commercial real estate to minimize or avoid the City’s realty transfer tax. Mayor Kenney is...more
The Pennsylvania Department of Revenue (the Department) has just released details of the tax amnesty authorized by the 2016-2017 Budget passed in July 2016. The tax amnesty is a tremendous opportunity for taxpayers who owe...more
Philadelphia Mayor Jim Kenney recently announced a significant expansion of the University City Keystone Innovation Zone which is intended to attract new businesses into Center City Philadelphia. Now may be the time to...more
The Philadelphia Office of Property Assessment (OPA) has sent letters to all charitable organizations in the city that own property shown as tax-exempt, in whole or in part, in the OPA’s records. Attached to the letter is a...more
A recent federal court decision illustrates how “loan” arrangements between physicians and their employers, if not properly structured, may be treated as the payment of taxable compensation and the employers may be hit with...more