The Employee Retention Tax Credit (“ERTC”) has been expanded and extended further, providing relief to small and large employers affected by COVID-19 business disruptions. As we approach the one-year anniversary of its...more
3/15/2021
/ Aggregation Rules ,
American Rescue Plan Act of 2021 ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Gross Receipts ,
IRS ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Tax Credits
On Monday, December 14, Senator Joe Manchin (D-WV) and Senator Susan Collins (R-Maine) introduced the “Emergency Coronavirus Relief Act of 2020,” which would provide another round of relief to combat the economic fallout...more
The IRS has confirmed that a taxpayer who received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in the CARES Act may not deduct those expenses in the taxable...more
The tax provisions of the HEALS Act would expand upon and modify several provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the employee retention tax credit, while also introducing...more
On Friday, June 5, 2020, President Trump signed into law H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”), modifying certain provisions of the CARES Act related to the forgiveness...more
On May 12, the House Democrats introduced an aspirational tax package within the Health and Economic Recovery Omnibus Emergency Solutions Act (the “HEROES Act”), which lays out their starting point in negotiations with the...more
Under IRS Notice 2020-32, no deduction is allowed for a payment that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to the CARES Act and the income associated with such...more
On April 10, the Internal Revenue Service published responses to frequently asked questions with respect to the payroll tax deferral provisions of the CARES Act, including clarification that employers that take loans under...more
4/14/2020
/ Banks ,
Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Health Care Providers ,
Healthcare ,
IRS ,
Lenders ,
Lending ,
Liquidity ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
State and Local Government ,
Tax Relief ,
Unemployment Insurance