News & Analysis as of

Small Business Administration › Income Taxes

The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA... more +
The Small Business Administration is a United States federal agency established in 1953 by the Small Business Act. The SBA is dedicated to assisting and supporting small business and entreprenuers. The SBA carries out its mission through a variety of programs including providing financial and federal contract procurement assistance, management assistance, and specialized outreach to women, minorities and armed forces veterans. less -
Fox Rothschild LLP

New Guidance; New Concerns About Discharged PPP Loans

Fox Rothschild LLP on

On November 23, 2020, we posted about the legal deductibility of expenses paid in 2020 with funds borrowed through PPP (Paycheck Protection Program) loans guaranteed by the government and subject to discharge as debts once it...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, March 2021 # 12

Hogan Lovells on

In Washington: President Biden on Tuesday began what is expected to be a weeks-long sales pitch to tout the new coronavirus relief package. Biden visited Smith Flooring in Chester, Pennsylvania, a small business that received...more

Farrell Fritz, P.C.

Taxes In New York’s FY 2022 Budget

Farrell Fritz, P.C. on

Budget Time in New York- Last week, we reviewed some of the tax measures discussed by Governor Cuomo in his report on the State of the State, and how they may affect New York businesses and their owners. Today, we’ll take...more

McAfee & Taft

IRS provides further guidance regarding deductibility of business expenses paid with PPP loan funds

McAfee & Taft on

After the Paycheck Protection Program (PPP) was passed in March of 2020, the IRS issued Notice 2020-32 on April 30 and took the position that no deduction is allowed for an eligible expense that is otherwise deductible if the...more

Pillsbury Winthrop Shaw Pittman LLP

PPP Loan-Funded Expenses Nondeductible If Borrower Has “Reasonable Expectation” Loan Will Be Forgiven

Pillsbury Winthrop Shaw Pittman LLP on

On November 18, 2020, in Rev. Rul. 2020-27, the IRS reaffirmed its position that deductions for eligible expenses will be disallowed if a PPP loan is forgiven and extended the rule to deny deductions paid or incurred in a...more

Burr & Forman

S Corporation Owners Get Less than Partnership Owners and Self-Employed Individuals under Payroll Protection Program

Burr & Forman on

The Payroll Protection Program (PPP) under the CARES Act can provide eligible businesses with a forgivable loan from the government to be used to keep and pay employees, and for certain other purposes, and to help businesses,...more

UB Greensfelder LLP

[Webinar] Important Recent PPP Updates, New Rules and Deadlines – The Latest Information - May 5th, 2:00 pm - 3:30 pm EDT

UB Greensfelder LLP on

Join Ulmer partners Alan W. Scheufler, Bradley D. Kaplan, and Frederick N. Widen as they explore updated answers from the SBA and U.S. Treasury Department to the PPP FAQs and new questions raised based on that information....more

Pillsbury Winthrop Shaw Pittman LLP

IRS Issues FAQs and Form 7200 for Advance Payment of COVID-19 Employer Tax Credits

Pillsbury Winthrop Shaw Pittman LLP on

The IRS has issued FAQs regarding the tax credits for the sick and family leave and employee retention tax credits which provide guidance on eligibility and instructions for claiming the credits. The guidance sets forth the...more

Pillsbury Winthrop Shaw Pittman LLP

CARES Act Planning Opportunities for Retirement Accounts and Charitable Giving

Pillsbury Winthrop Shaw Pittman LLP on

Taking advantage of retirement account planning and charitable giving opportunities created under the new stimulus package. Required Minimum Distributions are waived for 2020, allowing further income tax deferral until at...more

Foley & Lardner LLP

IRS Issues Guidance on Employee Retention Credits Under CARES Act

Foley & Lardner LLP on

On March 31, 2020, the IRS issued guidance on the Employee Retention Credits under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Employee Retention Credits are fully refundable tax credits...more

Blank Rome LLP

The CARES Act: Basic Federal Income Tax Provisions Affected by COVID-19

Blank Rome LLP on

On March 27, 2020, the Federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in the wake of the coronavirus (“COVID-19”) pandemic. The CARES Act, in part, provides relief to...more

Morgan Lewis

Size Protest Decision Clarifies SBA Small Business Calculation of Annual Receipts

Morgan Lewis on

After a decision from the US Court of Federal Claims, it is clear that companies filing for small business determinations should take care to properly apply the Small Business Administration’s detailed calculation methodology...more

PilieroMazza PLLC

The Risk of Certifying as Small Without Tax Returns

PilieroMazza PLLC on

We are regularly contacted at this time of year, before tax returns are due, by companies that wish to pursue small business set-aside contracts but have not yet filed their tax returns. These inquiries stem from the belief...more

Patterson Belknap Webb & Tyler LLP

Hurricane Sandy - Paths To Relief

Patterson Belknap Webb & Tyler LLP on

Many small and mid-size businesses in New York City suffered severe losses due to Hurricane Sandy. Below is a practical guide for business owners seeking relief. • Insurance. - The first place business owners...more

14 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide