False Claims Act Implications for PPP and Disaster Relief Loans: What Small Businesses Should Be Ready For
Between wildfires such as the ones in Southern California earlier this year and hurricanes and other major storms experienced by other parts of the country annually, there is no shortage of natural disasters affecting people...more
High winds and drought conditions have fueled severe wildfires, devastating communities around Los Angeles, California. The fires have destroyed thousands of homes and businesses, while firefighters are working tirelessly to...more
Over the past two weeks, wildfires have caused substantial loss and damage to homes and communities in Los Angeles, California, and the surrounding areas. In the wake of such devastation, employers may seek opportunities to...more
Hurricane season is here, bringing with it the potential for severe weather that can cause widespread damage, impacting entire communities. Natural disasters may be unpredictable - but your response doesn't have to be....more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 3, 2024 – June 7, 2024. June 3, 2024: The IRS released Internal Revenue Bulletin 2024-23, which...more
As the Code Section 139 relief period is scheduled to end soon along with the end of the COVID-19 national emergency, employers that assisted employees with personal expenses attributable to the COVID-19 pandemic should...more
We have heard from several clients asking about ways to help their employees that suffered tremendously from the wrath of Hurricane Ian. While there are a variety of Federal, State and private relief efforts underway,...more
On December 27, 2020, President Trump signed the Consolidated Appropriations Act of 2021 (the “Stimulus Act”), which not only gives taxpayers another stimulus payment but changes to retirement plans, including qualified...more
Last year, in response to the COVID-19 pandemic, the United States Congress and the Puerto Rico Department of Treasury (Hacienda) granted favorable tax treatment to coronavirus-related distributions (CRDs) and participant...more
The Consolidated Appropriations Act, 2021 signed into law by President Trump, also provided relief to distributions from a retirement plan as a result of a declared disaster....more
As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: -...more
Like millions of other Americans, recipients of Medicaid and Supplemental Security Income (SSI) have received or should soon receive a one-time $1,200 coronavirus relief payments from the federal government. And, if Congress...more
With its chaotic rollout, conflicting regulations, and breakneck disbursements, the Paycheck Protection Program (PPP) is primed to create a wave of litigation. This includes actions taken under the False Claims Act (FCA),...more
On April 29, 2020, the U.S. Departments of Labor (Employee Benefits Security Administration, “EBSA”) and Treasury (IRS) published a final regulation, and EBSA issued a package of guidance and relief, for employee benefit...more
In the face of the unprecedented COVID-19 pandemic, many employees may experience financial hardship. For example, they may incur unexpected expenses as a result of COVID-19, including being quarantined or under a stay at...more
Unlike public charities, private foundations are generally required to seek prior IRS approval before making grants to individuals, such as scholarships and other awards for specific objectives. If unauthorized distributions...more
Businesses, employees, and other taxpayers are incurring new and often significant expenses as they adapt and respond to the changes brought on by the COVID-19 pandemic. Several tax provisions may help to mitigate the impact...more
Q: In addition to the CARES Act and other provisions of employee benefit plans described below, what other forms of hardship assistance are employers considering in order to support their employees who are facing health and...more
As more employees face financial hardship due to COVID-19, many employers are exploring additional options available for providing paid leave and other financial relief. This advisory provides a high-level summary of the...more
Employers providing support to employees during the COVID-19 pandemic can do so without triggering tax requirements in many cases — but executives seeking to return compensation to the company to aid employees should be...more
A timely and robust response to the COVID-19 virus demands the attention and resources of, and action by, federal and state regulators, employers, and individuals alike. The stakes could not be higher. State and local...more
The COIVD-19 pandemic is placing new and unprecedented demands on both taxable and tax-exempt employers and their employees. One option many employers may not have previously considered is the use of a tax-exempt employee...more
The President declared a national emergency in connection with the COVID-19 pandemic triggering Section 139 of the Internal Revenue Code. Thus, disaster assistance/relief payments are not taxable to the recipients if they...more
Employers may provide disaster relief payments and/or charitable assistance to employees in several ways. The following includes brief descriptions of each scenario in the context of the COVID-19 pandemic and corresponding...more