Congress has come bearing gifts this holiday season to those businesses hit hard by the ongoing COVID-19 crisis. On December 21, 2020, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act...more
Per our May 5, 2020 eAlert, the IRS in Notice 2020-32 concluded that a taxpayer cannot deduct payroll, rent, utilities and other business expenses funded with a forgiven Paycheck Protection Program (“PPP”) loan. The IRS’s...more
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
10/6/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Human Resources Professionals ,
Internal Revenue Code (IRC) ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Deductions ,
Payroll Taxes ,
SBA ,
Small Business ,
Small Business Loans ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Returns
The IRS last Thursday in Notice 2020-32 badly frayed the financial lifelines for floundering businesses under the SBA’s Paycheck Protection Program (“PPP”)....more
Last December we told you about favorable IRS guidance letting P3 contractors and investors keep full tax deductions for interest on debt. The IRS kept a P3-friendly approach in last week’s proposed regulations on “qualified...more
5/7/2019
/ Capital Gains ,
Infrastructure ,
Interest Income ,
Investors ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Public Private Partnerships (P3s) ,
Qualified Opportunity Funds ,
Real Estate Development ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning
Contractors and investors in P3s can continue taking a full tax deduction for interest on debt under recent IRS guidance (Revenue Procedure 2018-59, issued November 26). ...more
12/12/2018
/ Construction Project ,
Infrastructure ,
Interest Income ,
IRS ,
New Guidance ,
Project Finance ,
Public Private Partnerships (P3s) ,
Public Projects ,
Real Estate Development ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Urban Planning & Development