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Small Business Administration › Internal Revenue Code (IRC)

The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA... more +
The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA carries out its mission through a variety of programs including providing financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. less -
Miller Canfield

The Government's Use of Procedural Hurdles to Disallow Research Credit Refund Claims

Miller Canfield on

In two recent cases, the IRS has tried to defeat research credit refund claims on procedural grounds, rather than simply litigating whether the substantive nature of the asserted research meets the requirements of section 41...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs for Nonprofits - UPDATED March #3

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On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Nonprofits - UPDATED March 2021 #2

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Bond Schoeneck & King PLLC

Increased PPP Eligibility for Larger Nonprofits

Bond Schoeneck & King PLLC on

On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (the Rescue Plan) – a $1.9 trillion economic relief package. The Rescue Plan allocated an additional $7.25 billion to the Paycheck...more

Bradley Arant Boult Cummings LLP

TCJA Reform/CARES Act Bill Introduced in both House and Senate

Bradley Arant Boult Cummings LLP on

On January 28, HB 170 and its Senate counterpart, SB 98, were prefiled with the Alabama Legislature and designated as three separate acts: (i) The Alabama Taxpayer Stimulus Freedom Act of 2021, (ii) The Alabama Business Tax...more

Harris Beach PLLC

SBA Issues Guidance on Next Round of PPP Loans, But Questions Remain

Harris Beach PLLC on

The Small Business Administration (SBA) has released updated Paycheck Protection Program (PPP) interim final rules which implement and provide additional guidance on the new PPP provisions contained in the Economic Aid to...more

Pillsbury Winthrop Shaw Pittman LLP

Developments in Association Law 2019 – 2020

Pillsbury Winthrop Shaw Pittman LLP on

A review of key legal developments for nonprofit organizations at the federal and state levels in 2019 and 2020. Antitrust enforcement continues against nonprofits. Nonprofits have litigated in other areas, including...more

McDermott Will & Emery

IRS Reasserts That Forgivable PPP Expenses Are Not Deductible, but Is Legislative Relief on the Way?

McDermott Will & Emery on

Loans under the Payroll Protection Program (PPP) are eligible for forgiveness depending upon whether and when the loan proceeds are used for qualified business expenses. One of the benefits of this program is that there is no...more

Pillsbury Winthrop Shaw Pittman LLP

PPP Loan-Funded Expenses Nondeductible If Borrower Has “Reasonable Expectation” Loan Will Be Forgiven

Pillsbury Winthrop Shaw Pittman LLP on

On November 18, 2020, in Rev. Rul. 2020-27, the IRS reaffirmed its position that deductions for eligible expenses will be disallowed if a PPP loan is forgiven and extended the rule to deny deductions paid or incurred in a...more

Tonkon Torp LLP

Uncertain Thankfulness: A Tax Deduction Denied & PPP Loan Forgiveness

Tonkon Torp LLP on

Under the CARES Act, PPP loans given to affected borrowers were potentially eligible for forgiveness without cancellation of indebtedness income. To qualify, an affected borrower must certify that (i) “the uncertainty of...more

Nossaman LLP

On-Demand Webinar | PPP Loan Forgiveness: Employment and Tax Issues for Borrowers

Nossaman LLP on

Introducing Nossaman's Employment BUZZ webinar series! Each month, our attorneys will cover a different topic of interest to employers, including tax, insurance, intellectual property and employment issues. These "quick hit"...more

Schwabe, Williamson & Wyatt PC

PPP Loan Rules Clarified for Fishing Boat Owners/Operators; OSHA and CDC Interim Guidance for Seafood Processors

Schwabe, Williamson & Wyatt PC on

Paycheck Protection Program Loans – Certain Fishing Boat Owners and Certain Crewmembers - For fishing boat owners and operators who obtained (or who are contemplating applying for) a forgivable Paycheck Protection Program...more

Goodwin

Paycheck Protection Program Legal Update for Tax-Exempt Organizations

Goodwin on

On April 24, 2020, President Trump signed the Paycheck Protection Program and Healthcare Enhancement Act (PPP Enhancement Act), adding an additional $310 billion to the previously exhausted $349 billion in funds allotted for...more

Morgan Lewis

Taxpayer-Friendly CARES Act Provisions Have State Income Tax Implications

Morgan Lewis on

The Coronavirus Aid, Relief and Economic Security (CARES) Act provides two measures of relief to taxpayers, but taxpayers amending federal income tax returns should be aware these benefits may not reach their state income tax...more

Verrill

PPP Math for the Self-Employed: And, Yes, There is Still Time

Verrill on

The Small Business Administration reports that as of May 23 it still had nearly $150 billion of untapped Paycheck Protection Program funds. The Program has been underutilized by self-employed business owners, in part due to...more

PilieroMazza PLLC

Weekly Update Newsletter - March 2018 #3

PilieroMazza PLLC on

GOVERNMENT CONTRACTING - McCaskill Pushes the Department of Homeland Security to Hold Government Contractors Accountable for Waste, Fraud, and Abuse of Taxpayer Dollars - According to an article on hsgac.senate.gov,...more

McCarter & English, LLP

SBICs Given Additional Flexibility to Structure Their Investments

McCarter & English, LLP on

Summary - The Small Business Administration (SBA) adopted revisions to its regulations, loosening its prohibition on small business investment companies (SBICs) investing in passive businesses. Under the revised...more

Gerald Nowotny - Law Office of Gerald R....

Old Days – Remembering When Small Business Had Pension Plans

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We lived in politically charged times. Congress seems unable to reach any consensus on anything including where to have the annual Congressional Christmas Ball! Years of political crossfire over the Affordable Care Act have...more

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