News & Analysis as of

C-Corporation Coronavirus/COVID-19

Jackson Lewis P.C.

California State Grant Program for COVID-19 Supplemental Paid Sick Leave

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The COVID-19 State of Emergency may be over but many employers are still feeling the economic effects of the pandemic. In 2022, when COVID-19 Supplemental Paid Sick Leave (SPSL) was extended for the final time, the...more

Foley & Lardner LLP

California Extends Supplemental COVID Sick Leave—Again

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On September 29, 2022, a day before California’s 2022 COVID Supplemental Paid Sick Leave Law was set to expire, Governor Gavin Newsom signed AB 152, extending the law through December 31, 2022. The extension of the 2022...more

Rivkin Radler LLP

New York Is Poised For Some Significant Tax Increases

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Are the rich making enough of a contribution to society? Are they bearing their fair share of taxes? Many New York legislators don’t think so. Following the elections of November 2020, the State’s Democratic party secured...more

Farrell Fritz, P.C.

How Dealings Between Related Parties Doomed A Captive Insurer

Farrell Fritz, P.C. on

Insurance: What is it? How does it work? Assume that Acme Co is paying premiums for commercial insurance coverage to protect itself from economic losses that may arise out of various events. These premiums are deductible...more

Farrell Fritz, P.C.

Corporate Tax Hike On The Horizon: Using Reasonable Compensation To Withdraw Value

Farrell Fritz, P.C. on

Corporate Rate Increase? We begin this week with the Senate having passed the President’s $1.9 trillion coronavirus relief and economic stimulus plan (the “American Rescue Plan” following a marathon session during which...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

Farrell Fritz, P.C.

New York’s Post-Election Tax Environment For Business Owners

Farrell Fritz, P.C. on

Something Is Rotten- There’s a gray pall hanging over New York that has clouded the judgement of many politicians, and has left many of its residents feeling anxious and off-balance. No, it’s not the smoke from all the...more

Jaburg Wilk

Is There a Business Doctor in the House? Five Business Health Check Points

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People generally don't go into business because they are good at running businesses. Many people go into business because they are passionate about something and they want to share that passion with the world. Whether it's...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

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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

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

Farrell Fritz, P.C.

An S Corporation In New York City: Eschew Obfuscation – Or Not

Farrell Fritz, P.C. on

NYC: A “Helluva” Town, for S corps- Of late, I’ve received a surprising number of inquiries regarding the taxation of S corporations doing business in New York City (“NYC”). As many of you know, NYC does not recognize...more

Pillsbury Winthrop Shaw Pittman LLP

Benefit Corporations and B Corps Among Options For Startups Seeking To Do Good

Added legal protection and potential marketing benefits make benefit corporations and B Corps a great fit for certain entrepreneurs and industries. But interested parties should carefully consider all details before jumping...more

Locke Lord LLP

Federal Income Tax Considerations for Debt Workouts During an Economic Downturn – “C” Corporation Considerations Supplement

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The discussion in this Quick Study Supplement outlines select federal income tax issues “C” corporation borrowers may face in debt restructurings. As noted in our debt restructuring overview Quick Study, a borrower generally...more

Troutman Pepper

Many Federal and State Tax Deadlines Extended in Response to COVID-19 Emergency - FAQS On Guidance

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In Notice 2020-18, released on March 25, the Department of the Treasury announced that any person with a federal income tax payment or federal income tax return due on April 15, 2020 has until July 15, 2020 to make the...more

Foster Garvey PC

Treasury Delivers Some Good News in a Time When Good News Is Rare

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On March 13, 2020, President Trump issued an emergency declaration, which in part instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more

BakerHostetler

COVID-19 – Federal and State Tax Updates

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Q – Filing of Federal Tax Returns: Must C corporation and individual U.S. federal income tax returns or extensions for the 2019 calendar year be filed by the April 15, 2020, due date?...more

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