News & Analysis as of

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Ervin Cohen & Jessup LLP

Is a receiver’s property manager protected by the Barton Doctrine and quasi-judicial immunity

Q: I was appointed receiver over a manufacturing facility. I operated it for a short time and then obtained court authority to sell it. I netted $1.4 million from the sale....more

Ervin Cohen & Jessup LLP

Are IRS Claims Junior to Receivership Administrative Expenses?

Q: I was appointed receiver over a manufacturing facility. I operated it for a short time and then obtained court authority to sell it. I netted $1.4 million from the sale. The landlord agreed I could pay it the rent I owed...more

Rivkin Radler LLP

Activities Contrary to Public Policy – Revoking the Tax Exempt Status of Universities

Rivkin Radler LLP on

It appears that many of the country’s colleges and universities believe they have not already contributed enough to the decline of American education and to the erosion of our society, generally. These institutions of...more

K&L Gates LLP

COVID-19: Washington State Resource Guide for Individuals Dealing with COVID Financial Impacts

K&L Gates LLP on

This guidebook is designed to serve as an interactive reference for individuals in Washington state looking for information and resources available to help with the financial impacts of COVID-19. It is not legal advice and...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - January 2021 #2

Troutman Pepper on

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

White and Williams LLP

Winter COVID-19 Relief Bill: Overview of Key Provisions

White and Williams LLP on

In a much needed holiday gift for businesses and individuals who continue to be affected by COVID-19, Congress finally approved a $900 billion aid package follow-up to the CARES Act (the Winter Covid-19 Relief Bill), the...more

Fox Rothschild LLP

Take “CARES” When Reviewing 2020 Business Returns

Fox Rothschild LLP on

It has been a very long, if not a very good year. We noted in an earlier post that one of the challenges reserved for 2021 would be to see how the IRS would address the dischargeable loans granted to hundreds of thousands of...more

Fox Rothschild LLP

IRS Confirms Non-Deductibility Of Expenses Related To PPP Loans

Fox Rothschild LLP on

Businesses that reasonably anticipate that loans under the Paycheck Protection Program will be forgiven should be aware that they cannot claim a deduction for the eligible expenses paid or incurred during the 2020 taxable...more

Hahn Loeser & Parks LLP

IRS Disallows Deductions Funded With PPP Loans That Are Expected To Be Forgiven

Hahn Loeser & Parks LLP on

The Internal Revenue Service (“IRS”) ruled on November 18 that taxpayers that received Paycheck Protection Program (“PPP”) loans and used the proceeds to pay otherwise-deductible expenses may not deduct the payments if the...more

ArentFox Schiff

IRS Bars Potential Double Tax Benefit for Use of PPP Loan Proceeds

ArentFox Schiff on

Under IRS Notice 2020-32, no deduction is allowed for a payment that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to the CARES Act and the income associated with such...more

White and Williams LLP

IRS Issues Guidance on Tax Impact of PPP Loan Forgiveness Under the CARES Act

The Internal Revenue Service (IRS) recently issued Notice 2020-32 (Notice), which discusses the deductibility of expenses that are funded by a Paycheck Protection Plan (PPP) loan and the subsequent loan forgiveness. Section...more

Farrell Fritz, P.C.

Rental Income Or Self-Employment Income?

Farrell Fritz, P.C. on

Skirting Employment Tax?- The Code imposes the self-employment tax on the net earnings from self-employment derived by an individual during any taxable year. In general, the term “net earnings from self-employment”...more

McDermott Will & Emery

New Temporary Regulations Narrow the Application of the Subpart F Active Rents and Royalties Exception

McDermott Will & Emery on

On September 2, 2015, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued Temporary Regulation § 1.954-2T concluding that third party arrangements cannot be taken into account for...more

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