News & Analysis as of

C-Corporation CARES Act

Rivkin Radler LLP

Play for the Win-Win: Help a Charity While Benefitting Yourself

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Charitable giving helps to improve social well-being by supporting a broad range of areas including education, scientific research, alleviation of poverty, and others. To encourage donations, the federal government makes...more

Bradley Arant Boult Cummings LLP

ADOR Affirms Deductibility of PPP Loan-Related Expenses but Unanswered Conformity Questions Remain

The Alabama Department of Revenue issued helpful guidance on January 7, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation. The new guidance affirms the...more

McDermott Will & Emery

Weekly IRS Roundup September 14 – September 18, 2020

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 14, 2020 – September 18, 2020... September 14, 2020: The IRS published final...more

Husch Blackwell LLP

New PPP Guidance On Owner-Employees And Rent/Mortgage Interest Forgiveness

Husch Blackwell LLP on

On August 24, 2020, the Small Business Administration (SBA) released a new interim final rule (IFR) regarding permitted forgiveness of loans made under the Paycheck Protection Program (PPP). This new guidance provides relief...more

Burr & Forman

SBA Issues New PPP Rules for Owner-Employees and Related Party Rents

Burr & Forman on

The Small Business Administration (“SBA”) recently issued a new interim final rule clarifying whether paycheck protection program (“PPP”) loan proceeds may be used for certain payroll and nonpayroll costs and remain eligible...more

Pillsbury Winthrop Shaw Pittman LLP

Focus on Forgiveness: The Latest Paycheck Protection Program Regulatory Developments

The SBA has continued its wave of regulations and guidance as PPP borrowers begin to apply for loan forgiveness. New regulations address nuanced, but important, issues such as “owner-employee” compensation and the...more

BCLP

PPP: Who is subject to Owner-Employee Compensation Forgiveness Limitations?

BCLP on

Self-employed Schedule C (and Schedule F) filers, general partners, and other PPP borrowers that utilized 2019 IRS Form 1040 Schedule C line 31 net profit amount in calculating the amount of their PPP loan are clearly subject...more

Pillsbury Winthrop Shaw Pittman LLP

Paycheck Protection Forgiveness and Compliance—10 Frequently Asked Questions

Considerations for PPP borrowers as they apply for loan forgiveness - As the Paycheck Protection Program (PPP) enters its forgiveness phase—where many borrowers have exhausted or are about to exhaust their loans and will...more

White and Williams LLP

You Have Questions…SBA Releases PPP Loan Forgiveness FAQs

White and Williams LLP on

The U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury (Treasury), recently released a series of Frequently Asked Questions (the Forgiveness FAQs) focusing on forgiveness of...more

Chambliss, Bahner & Stophel, P.C.

Finally! Initial PPP Loan FAQs Released

This afternoon, the Small Business Administration (SBA) and the Treasury Department published a set of frequently asked questions concerning forgiveness of loans under the Paycheck Protection Program (PPP). The new FAQs...more

Chambliss, Bahner & Stophel, P.C.

No Deduction for Expenses Paid with Forgiven Loan Proceeds Under the Paycheck Protection Program

As many businesses that applied for loans under the Paycheck Protection Program (PPP) are now receiving funding, questions are arising as to whether business expenses paid with forgiven PPP loan proceeds would also be tax...more

Foley & Lardner LLP

IRS Issues Guidance Regarding Net Operating Loss Carryback Waivers and Refunds Under the CARES Act | Blogs | Coronavirus Resource...

Foley & Lardner LLP on

On April 9, 2020, the IRS issued: Rev. Proc. 2020-24, which provides guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) relating to relinquishment of certain net operating loss (NOL)...more

Skadden, Arps, Slate, Meagher & Flom LLP

CARES Act Increases Deductions for Certain Charitable Contributions

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. The act, which provides assistance to individuals and businesses in response to the COVID-19 pandemic, increases the...more

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