The mammoth appropriations legislation passed by the House and Senate on Monday, December 21 includes a number of tax-related provisions. We have summarized in this tax alert the provisions that we expect are most likely to...more
A month after Congress created the Paycheck Protection Program (PPP) last spring and expressly provided that forgiveness of loans under the PPP should not result in taxable cancellation of indebtedness income for the...more
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a qualifying business that receives a Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA) is generally allowed to...more
The Coronavirus Aid, Relief and Economic Security Act (H.R. 748) (the CARES Act or the Act) contains a group of eight provisions that are designed to provide significant tax benefits to businesses. Prompt actions will be...more