The American Alliance for Equal Rights (AAER) filed suit against McDonald’s in federal court over the corporation’s scholarship program for high school students of Hispanic and Latino descent, the Hispanic American Commitment...more
OpenAI, an artificial intelligence research nonprofit, has recently garnered media attention for considering a restructuring strategy involving the formation of a taxable subsidiary....more
The Massachusetts legislature and Governor Healey recently passed into law An Act Relative to Strengthening Massachusetts’ Economic Leadership (the “Act”). The Act provides significant changes in the nonprofit space which...more
Two recent developments may affect private funds, including syndicated real estate offerings. First, at the end of last summer the SEC adopted the Private Fund Adviser rules, regulations that cover certain aspects of...more
On Wednesday, March 31st, President Biden released a summary of his administration’s proposed The American Jobs Plan (the “TAJP”). TAJP is a $2 trillion proposal focusing on public domestic infrastructure investments. To help...more
On Thursday March 11th President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”). The law contains provisions to help businesses and individuals recover from economic hardships due to Covid-19. This Client...more
On October 2, 2020, the SBA issued guidance under a procedural notice (the “Notice”) providing information concerning the required procedures for changes of ownership of an entity that has received a Payroll Protection...more
10/8/2020
/ Acquisitions ,
Borrowers ,
Change of Ownership ,
Escrow Accounts ,
Lenders ,
Loan Forgiveness ,
Mergers ,
New Guidance ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Written Notice
On Friday August 28th the IRS issued limited guidance on the payroll tax deferral that was part of President Trump’s August 8th executive order. Under IRS Notice 2020-65 (the “Notice”), employers are not required to withhold...more
9/1/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Payroll Taxes ,
Popular ,
Social Security Taxes ,
Tax Deferral ,
Tax Liability ,
Wage and Hour ,
Withholding Tax
The COVID-19 pandemic has impacted almost every business and nonprofit organization. Many experts have written about how nonprofits can handle fundraising during the crisis, suggesting increasing donor engagement, staying the...more
The Senate has passed legislation (H.R. 7010) providing more flexibility to recipients of loans under the Paycheck Protection Program (PPP). The legislation already passed the House and now just awaits President Trump’s...more
On May 13, 2020, the SBA revised its frequently asked questions and added question #46 – “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” In order to receive a...more
On April 9, 2020, the IRS issued Notice 2020-23 (the “Notice”), which updated Notices 2020-18 and 2020-20 to provide additional relief to taxpayers affected by the COVID-19 pandemic. Specifically, the Notice benefits...more
The April 15th Tax Filing Deadline is NOT extended, but certain taxpayers can defer paying 2019 income taxes due for 90 days without accruing interest or penalties.
On March 18th the IRS issued Notice 2020-17 postponing...more
On Thursday, December 19th, the U.S. Department of Treasury released the long-awaited final Opportunity Zone Treasury Regulations (the “Final Regulations”). The Final Regulations and explanatory materials that span 544 pages,...more
12/24/2019
/ Capital Gains ,
Community Development ,
Economic Development ,
Income Taxes ,
Investment Funds ,
Investors ,
IRS ,
New Regulations ,
Opportunity Zones ,
Qualified Opportunity Funds ,
Real Estate Development ,
Real Estate Investments ,
Safe Harbors ,
Tax Cuts and Jobs Act ,
Tax Deferral ,
Tax Planning ,
U.S. Treasury ,
Vacant Properties
The Massachusetts Department of Revenue (the “DOR”) has recently issued two Technical Information Releases of importance to taxpayers. In TIR 19-7, the DOR provides guidance on the applicability of the Federal Opportunity...more
On Wednesday April 17, 2019, the IRS issued the second round of proposed Treasury Regulations for Qualified Opportunity Zones under the Tax Code (the “New Proposed Regulations”). These regulations provide some much-needed...more
Overview -
On Wednesday August 8, 2018, the IRS issued proposed regulations under Section 199A of the Income Tax Code (the “Proposed Regulations”) governing the new 20 percent deduction from income from certain...more
On Wednesday June 21, 2018, the U.S. Supreme Court released its decision in South Dakota v. Wayfair, Inc., et. al., (585 U.S. __ (2018)) holding that South Dakota’s sales tax statute does not violate the Commerce Clause of...more
6/22/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus