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Unraveling the Corporate Transparency Act: Navigating Entity Dissolution

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

Understanding the Corporate Transparency Act: Implications for Marital Property and Beneficial Ownership

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 CTA’s Large Operating Company Exemption in Focus

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

Timing is Key: Navigating Due Dates of the Corporate Transparency Act for Seamless Compliance

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

The Corporate Transparency Act and Its Impact on Trusts

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

New Filing Requirements – Corporate Transparency Act

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

Employers Beware: IRS Cautions Employers Against Engaging Third Party Employee Retention Credit Consultants

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

Rescue Plan Resuscitates FFCRA Tax Credits!

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

The Wisconsin Mask Mandate Renewed!

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

Paycheck Protection Program Loan Borrowers Will Find Deductions Under the Tree This Holiday Season

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

IRS Re-Affirms PPP Expenses are Not Tax Deductible

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

Treasury and Small Business Administration Make $50,000 and Under PPP Loans Easy to Forgive

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

IRS Issues New Guidance for Complying with Paid Sick and Family Leave Reporting Requirements

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

Responding to the Pandemic, IRS Loosens Opportunity Zone Requirements

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

SBA and Treasury Release Revisions to Interim Final Rules on Loan Forgiveness and Loan Review Procedures

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

SBA Issues Updated Paycheck Protection Program Loan Forgiveness Application and Issues New “EZ” Application Form

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

Trump Signs Favorable PPP Changes Into Law

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

Favorable Changes to PPP Passed by House and Senate

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

Paycheck Protection Program Could Get Some Welcome Changes

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

Quiet Friday Evening Interrupted by Long Awaited SBA Guidance on PPP Loan Forgiveness

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

PPP Safe Harbor Repayment Date Extended (Again) to May 18th

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

Wisconsin Supreme Court Strikes Down Extension of “Safer at Home” Order

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

New PPP FAQ — Good Faith Certification of Economic Uncertainty

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

PPP Safe Harbor Repayment Date Extended to May 14th

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

Treasury Provides Small PPP Forgiveness Clarification Regarding Laid Off Employees

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

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