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CARES Act Tax Deductions

Parker Poe Adams & Bernstein LLP

North Carolina's New Budget Conforms to Federal Tax Treatment of Paycheck Protection Program Expenses

Governor Roy Cooper signed the state budget on November 18 that the North Carolina General Assembly passed this week. There are a variety of important tax changes in the budget, including one that affects all North Carolina...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Make Your Year-End Charitable Gifts to Take Advantage of Expanded Tax Benefits

Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to...more

Rivkin Radler LLP

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

Rivkin Radler LLP on

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

BCLP

2021 Charitable Deduction Reminder

BCLP on

The Internal Revenue Service explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted...more

Bowditch & Dewey

Extension of CARES Act Incentives Relating to Charitable Giving: Planning with a Charitable Unitrust Remainder Trust (CRUT)

Bowditch & Dewey on

By using a Charitable Unitrust Remainder Trust (CRUT), philanthropic minded donors can gift to a charitable cause while maintaining a lifetime benefit. A CRUT is an irrevocable agreement that will provide an income stream to...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses

The Paycheck Protection Program closed on May 28, 2021. The SBA is no longer accepting new applications from participating lenders. The following FAQs are for informational purposes only and to assist borrowers who obtained...more

Schwabe, Williamson & Wyatt PC

Extension of Charitable Giving Benefits under the CARES Act for 2021

Starting in 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) expanded the deductibility of charitable contributions to incentivize charitable giving during 2020. The Consolidated Appropriations...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses - May 2021

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Ervin Cohen & Jessup LLP

California Assembly Bill No. 80: Tax Treatment of Forgiven Paycheck Protection Program Loans

Our previous articles have summarized the Paycheck Protection Program (“PPP”) created under the Federal CARES Act: CARES Act: Paycheck Protection Program Loans, CARES Act: Loan Applications, CARES Act: Loan Forgiveness...more

Eversheds Sutherland (US) LLP

No harm, no foul: IRS guidance provides path to claim PPP-related deductions for taxpayers who followed its earlier - but now...

The Internal Revenue Service (IRS) recently issued Revenue Procedure 2021-20 (Revenue Procedure), providing guidance for taxpayers who received Paycheck Protection Program (PPP) loans in 2020 but did not deduct all of their...more

Lathrop GPM

Spring 2021 Charitable Giving Update

Lathrop GPM on

As spring arrives, it is time for a look at the latest tax changes and their effects on individuals and nonprofits making gifts and receiving contributions. 2021 presents an opportunity to take advantage of increased...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #3

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Foley Hoag LLP - White Collar Law &...

117th Congress to Target Private Entities with Increased Congressional Investigations

This is the fourth in our First 100 Days series examining important trends in white collar law and investigations in the early days of the Biden administration. Our previous entry discussed anti-corruption enforcement. Up...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses - UPDATED March 2021 #2

Lowenstein Sandler LLP on

On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and...more

Gould + Ratner LLP

The Latest COVID-19 Stimulus: Highlights of Key Tax Provisions in the American Rescue Plan Act of 2021

Gould + Ratner LLP on

The American Rescue Plan Act of 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The ARPA...more

Manatt, Phelps & Phillips, LLP

Update on Deductibility of Expenses Paid With Forgiven PPP Loans

The IRS released an advance version of Rev. Rul. 2021-2, which is consistent with a legislative change allowing taxpayers to deduct otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP)...more

Dickinson Wright

Deductions Available for Certain Expenses Paid with PPP Loan Proceeds

Dickinson Wright on

In March, 2020, the CARES Act established the Paycheck Protection Program which provided loans (“PPP loans”) to businesses meeting certain requirements. Subject to certain limitations, PPP loan recipients are entitled to have...more

Robins Kaplan LLP

The Robins Kaplan Spotlight, Vol. 5 No. 4, Winter 2021 - The Case for Charitable Giving

Robins Kaplan LLP on

Last year brought with it several unexpected challenges due to the COVID-19 pandemic, including economic, social, and financial hardships that have left many in a position of extraordinary need. ...more

Freeman Law

Forget Uncle Sam—Watch Out for the Texas Comptroller!

Freeman Law on

Many taxpayers have been affected by the COVID-19 pandemic. In the business sector, many small business taxpayers were forced to seek loans under the Paycheck Protection Program (“PPP”) in an effort to navigate the crisis’...more

Cadwalader, Wickersham & Taft LLP

An About-Face on PPP Deductibility

The Consolidation Appropriations Act of 2021 overrules the IRS’s previous guidance (discussed here) holding that expenses giving rise to the forgiveness of Paycheck Protection Program loans were not deductible....more

Cadwalader, Wickersham & Taft LLP

The Consolidated Appropriations Act of 2021

Business Tax Provisions - About-Face on Deductibility of PPP Expenses. The CAA overrules the IRS’s previous guidance denying the deductibility of expenses relating to forgiven PPP loans....more

BakerHostetler

[Podcast] How Will States Tax Forgiven PPP Loans?

BakerHostetler on

The CARES Act created the Paycheck Protection Program. The PPP allowed businesses to secure forgivable SBA loans. Federal taxation of forgiven loans and related expenses are quite favorable - will states follow suit? Matt...more

White and Williams LLP

States Clarify Personal Income Tax Treatment Related To PPP Loan Forgiveness

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) and the recently enacted Consolidated Appropriations Act, 2021 (CAA) addressed tax issues related to the forgiveness of a Paycheck Protection Program (PPP)...more

Foley & Lardner LLP

Charitable Planning In the Year of a Business Sale – Part 1 of 2

Foley & Lardner LLP on

Business owners who work hard to grow a business and sell it (hopefully, with a substantial windfall) oftentimes focus on philanthropy and making a difference with their new-found wealth. Successful sellers usually recognize...more

Schwabe, Williamson & Wyatt PC

Economic Aid Act: 10 Things to Know about Second Draw PPP Loans - Update

Late on January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans”...more

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