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Pennsylvania Commonwealth Court Rejects Four Nonprofit Hospital Property Tax Exemption Applications in Montgomery and Chester...

​On February 10, 2023, the Pennsylvania Commonwealth Court issued four separate but related opinions denying property tax exemptions for four hospitals that had been purchased by the Tower Health system....more

Paycheck Protection Loan Application Period Extended to August 8, 2020

The Paycheck Protection Program (PPP) was expected to stop accepting loan applications on June 30, 2020, but that date has now been extended to August 8, 2020. ...more

Additional PPP Guidance

During this past week, the U.S. Small Business Administration (the SBA) has released a number of new or amended rules (the Rules) providing additional guidance on the Paycheck Protection Program (PPP) in light of the changes...more

IRS Notice 2020-39 Provides Significant COVID-19 Relief to Qualified Opportunity Zone Projects and Investors

In response to the ongoing COVID 19 pandemic, the IRS has given investors an extension of time to invest in Qualified Opportunity Zone projects, and has given Qualified Opportunity Funds (“QOFs”) and Qualified Opportunity...more

Statutory Revisions to the PPP

This week, the House and the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the Bill), making it easier for borrowers to obtain forgiveness of loans obtained under the Paycheck Protection Program...more

SBA Releases Application Form for PPP Loan Forgiveness

On Friday, May 15, the Small Business Administration released its application and instructions for forgiveness of Paycheck Protection Program (“PPP”) loans. Loan forgiveness is the next big question facing small businesses as...more

COVID-19 Relief Provisions for Mid-Sized Businesses

This Alert summarizes key benefits and considerations for mid-sized companies under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Mid-Sized Business Direct Loan Program (Mid-Sized Loan Program). Under...more

COVID-19 Legislative Relief Provisions for Small Businesses

Two recent pieces of legislation, the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contain provisions intended to provide assistance to small...more

Final Opportunity Zone Regulations Clarify and Expand Opportunity Zone Investment Benefits

Just in time for the holidays, the Treasury Department and IRS have released final Qualified Opportunity Zone (QOZ) regulations....more

Second Round of Qualified Opportunity Zone Proposed Regulations Addresses Many Unanswered Questions

On April 17, the Department of Treasury and IRS released the much-awaited second round of proposed regulations on Qualified Opportunity Zone investments (the "Regulations"). The Regulations make it clear that Qualified...more

Second Round of Opportunity Zone Regulations Have Been Released

The Treasury Department has just released the second round of proposed regulations on opportunity zones. This 169-page regulatory package addresses some of the questions raised after the first round of regulations, and may...more

New Jersey Tax Amnesty Program Begins November 15, 2018

New Jersey’s tax amnesty program began November 15, 2018. The program runs through January 15, 2019, during which time eligible taxpayers can disclose and pay any outstanding taxes administered by the New Jersey Division of...more

Treasury Issues Initial Set of Opportunity Zone Proposed Regulations

On October 19, 2018, the Treasury Department issued much-anticipated guidance on Qualified Opportunity Funds (QOFs) and investments in them. QOFs are very attractive investments for investors who have recognized capital gains...more

Supreme Court Overturns Quill: E-Commerce and Other Remote Sales Businesses May Now Be Required to Collect and Remit Sales Tax In...

On Thursday, June 21, 2018, The United States Supreme Court ruled that a state may require out-of-state sellers to collect sales tax, even when the sellers have no physical presence in the state. This decision, overturning...more

Tax Reform – Like-Kind Exchanges: Steps for Aircraft Owners to Consider Before the End of 2017

President Trump just signed into law the most significant tax reform legislation since 1986. This legislation, formerly known as the Tax Cuts and Jobs Act (“the Act”), impacts aircraft owners directly. Beginning in 2018,...more

Planning for Tax Reform: Steps to Take Before the End of 2017 (Update)

Congress has just passed the most significant tax reform legislation since 1986. It is expected that the Tax Cuts and Jobs Act (the Act) will be signed into law either in late 2017 or early 2018, depending on resolution of...more

Planning for Tax Reform: Steps to Take Before the End of 2017

Congress appears poised to pass the most significant tax reform legislation since 1986. It is expected that the Tax Cuts and Jobs Act will be passed and signed into law before the end of 2017, and that most provisions will be...more

Pennsylvania Tax Amnesty Begins April 21, 2017

The Pennsylvania Tax Amnesty Program begins on April 21, 2017, and continues through June 19, 2017. The amnesty period is open for 60 days. During the amnesty period, any taxpayer with existing tax liabilities owing to...more

Revised Philadelphia Transfer Tax Ordinance Requires Reconsideration of Commercial Real Estate Transactions

On December 8, 2016, the Philadelphia City Council approved a bill intended to close various perceived loopholes used by owners of commercial real estate to minimize or avoid the City’s realty transfer tax. Mayor Kenney is...more

Details of 2017 Pennsylvania Tax Amnesty Announced

The Pennsylvania Department of Revenue (the Department) has just released details of the tax amnesty authorized by the 2016-2017 Budget passed in July 2016. The tax amnesty is a tremendous opportunity for taxpayers who owe...more

Businesses Locating in Expanding Keystone Innovation Zone May Qualify for Tax Credit

Philadelphia Mayor Jim Kenney recently announced a significant expansion of the University City Keystone Innovation Zone which is intended to attract new businesses into Center City Philadelphia. Now may be the time to...more

Owners of Tax-Exempt Property in Philadelphia Must Provide Proof of Right to Continued Tax-Exempt Status

The Philadelphia Office of Property Assessment (OPA) has sent letters to all charitable organizations in the city that own property shown as tax-exempt, in whole or in part, in the OPA’s records. Attached to the letter is a...more

U.S. District Court Decision Court Treats Physician Loans as W-2 Income Rather Than Bona Fide Debt

A recent federal court decision illustrates how “loan” arrangements between physicians and their employers, if not properly structured, may be treated as the payment of taxable compensation and the employers may be hit with...more

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