On July 4, 2020, President Trump signed a bill that re-opens the application period for Paycheck Protection Program (“PPP”) loans until August 8, 2020. The five-week extension was approved by both houses of Congress last week...more
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) was enacted into law. The PPPFA makes significant changes to several key Paycheck Protection Program (“PPP”) loan provisions. Most of these...more
On the evening of May 15, 2020, the Small Business Administration (“SBA”) and U.S. Treasury Department (“Treasury”) released their highly-anticipated Paycheck Protection Program (“PPP”) loan forgiveness application and...more
A key part of the federal government’s response to the COVID-19 pandemic and its associated economic fallout is the Paycheck Protection Program (“PPP”) loan program administered by the Small Business Administration (“SBA”)....more
The COVID-19 pandemic has presented individuals and businesses with unprecedented challenges. To its credit, the IRS is doing its part to ease these challenges through several taxpayer-friendly initiatives...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) earmarks $350 billion to a loan program designed to keep small business workers employed during the COVID-19 pandemic and its associated economic downturn....more
4/8/2020
/ Banks ,
Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Financial Stimulus ,
Lenders ,
Lending ,
Liquidity ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief ,
Unemployment Insurance
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law by President Trump. The CARES Act is the third major piece of legislation in response to the COVID-19 pandemic,...more
In its latest response to the COVID-19 pandemic, the U.S. Treasury Department today announced that the traditional income tax return filing deadline would be moved from April 15th, 2020 to July 15th, 2020....more
3/23/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Secretary of the Treasury ,
Tax Extensions ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
On Tuesday, Treasury Secretary Steven Mnuchin announced that the federal income tax payment deadline would be extended to July 15th, 2020, for amounts up to $1 million for individual taxpayers and $10 million for corporate...more
From social distancing to cancellation of large gatherings to prohibitions on travel, the COVID-19 pandemic has caused unprecedented disruptions in daily life. Governments are taking steps not only to “flatten the curve” and...more
On April 17, 2019, the United States Department of the Treasury (“Treasury”) issued its second round of proposed regulations related to investments in Qualified Opportunity Zones (“QOZs”) and Qualified Opportunity Funds...more
There’s big news in the tax and trusts and estates world. The U.S. Supreme Court released its opinion in the North Carolina Dept. of Revenue v. Kimberley Rice Kaestner 1992 Family Trust case...more
6/27/2019
/ Beneficiaries ,
Due Process ,
Estate Tax ,
Exclusive Control ,
Forum State ,
In-State Beneficiaries ,
Income Taxes ,
Minimum Contacts ,
North Carolina Department of Revenue v The Kimberley Rice Kaestner 1992 Family Trust ,
SCOTUS ,
State Taxes ,
Trust Distributions ,
Trustees ,
Trusts
On April 17, 2019, the United States Department of the Treasury (“Treasury”) issued its second round of proposed regulations related to investment in Qualified Opportunity Zones (“QOZs”) and Qualified Opportunity Funds...more
4/19/2019
/ Capital Gains ,
Community Development ,
Internal Revenue Code (IRC) ,
Investment Funds ,
IRS ,
Opportunity Zones ,
Proposed Regulation ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Tax Cuts and Jobs Act ,
U.S. Treasury