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PPP Flexibility Act Removes Bar on Deferral of Employer Portion of Social Security Taxes for PPP Loan Recipients

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

House Democrats Propose Additional Tax Relief and Reform Measures in HEROES Act

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

IRS Bars Potential Double Tax Benefit for Use of PPP Loan Proceeds

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

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