The Corporate Transparency Act (the “CTA”) imposes requirements on entities dissolved in 2024. Effective as of January 1, 2024, the CTA mandates entities disclose information about their “beneficial owners” to the Financial...more
Wisconsin’s marital property laws impact compliance with the Corporate Transparency Act (the “CTA”). As discussed in other Ruder Ware CTA Focus Team insights, the CTA requires a “reporting company” to report information about...more
The Corporate Transparency Act (the “CTA”), part of the federal government’s effort to curtail money laundering by means of shell company structures, imposes disclosure requirements on most entities registered to do business...more
A crucial aspect of compliance with the Corporate Transparency Act (“CTA”) is understanding the various due dates and obligations. A “reporting company” must meet CTA reporting deadlines to avoid potential regulatory...more
Trust stakeholders are subject to Corporate Transparency Act (“CTA”) obligations under specific circumstances. Under CTA, a “reporting company” must disclose information about the company and its “beneficial owners.” CTA...more
The Corporate Transparency Act (CTA) is a recent enactment that mandates increased transparency in entity ownership structures, aiming to combat illicit activities such as money laundering and terrorism financing facilitated...more
Recently, we have been fielding a fair number of inquiries from clients who have been approached by third parties urging them to claim the Employee Retention Credit (“ERC”)... ...more
Just when we thought the Families First Coronavirus Response Act was about to disappear into HR history, we have another extension (to the tax credits for voluntarily providing qualifying leave)! Here is what you need to...more
On Thursday, February 4, 2021, the Wisconsin State Assembly (“Assembly”) voted on a resolution to repeal the mask mandate. This vote came a week after the Wisconsin State Senate (“Senate”) voted on the same resolution to...more
On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated...more
12/23/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Tax Deductions ,
Tax Planning
Through the release of a Revenue Ruling and a Revenue Procedure, the IRS re-affirmed its stance that taxpayers may not deduct payments for otherwise deductible business expenses (i.e., payroll, rent, covered utility payments,...more
Today by Interim Rule the Treasury Department and Small Business Administration jointly made it much easier for some Paycheck Protection Program (“PPP”) loan borrowers to get forgiveness for their loans. If the PPP loan...more
Way back in March, as the pandemic began to set in, Congress quickly passed the Families First Coronavirus Response Act (the Act) as part of a barrage of legislation aimed at providing relief to American workers. The Act...more
7/10/2020
/ Employer Liability Issues ,
Employment Policies ,
Infectious Diseases ,
IRS ,
New Guidance ,
Paid Leave ,
Popular ,
Reporting Requirements ,
Self-Employment Tax ,
Sick Leave ,
Tax Credits ,
Wage and Hour
The IRS recently offered relief to Qualified Opportunity Fund investors, waiving a penalty and pushing back some investment deadlines. This new guidance comes as investment in opportunity zones slows, stymied by brisk...more
On Tuesday evening (June 22nd), the Small Business Administration (SBA) and Department of the Treasury released revisions to the interim final rule on forgiveness (issued May 22nd) and the interim final rule on loan review...more
On June 16 the SBA issued a revised Paycheck Protection Program (PPP) Loan Forgiveness Application along with updated instructions. The update in large part reflects the changes made to PPP by the Paycheck Protection Program...more
A few moments ago President Trump signed HR Bill 7010 into law, which we summarized for you in an alert yesterday. We also need to clarify that all of the revised and amended PPP terms apply to all existing and new PPP loans...more
Both the House and the Senate have now passed HR 7010 providing PPP borrowers more favorable terms. We first alerted you on May 27th of possible changes to PPP being considered by both the House and the Senate. Last night in...more
As some Paycheck Protection Program loan borrowers approach the close of their eight week covered period (the period during which loan proceeds can be used for certain expenses and the corresponding loan amount can be...more
You’ve been waiting. We’ve been waiting. Another week went by with no meaningful guidance on the forgiveness provisions of the Paycheck Protection Program. What better time to issue it than a beautiful Friday evening! We now...more
On May 5th, the U.S. Department of the Treasury (Treasury) extended the PPP loan repayment safe harbor from May 7th to May 14th. In FAQ #47 the Treasury just announced it has extended the deadline once again—this time to May...more
The Wisconsin Supreme Court has ruled that Governor Tony Evers’ administration overstepped its authority when it extended the governor’s “Safer at Home” order until May 26.
The original “Safer at Home” order went into...more
The US Department of Treasury released FAQ #46 this morning providing guidance on “how will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request.”...more
5/13/2020
/ CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
In FAQ #43, Treasury announced it has extended the PPP loan repayment safe harbor to May 14, 2020 (from the original May 7, 2020 deadline)....more
Over the weekend, the Department of Treasury issued an update to their PPP FAQs. Question #40 clarifies that an employer’s forgiveness amount under PPP will not be impacted if the employer attempts to rehire a previously laid...more