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Small Business Administration › Tax Deductions

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 -
Allen Barron, Inc.

How Does the TCJA Sunset Affect Business Taxation Going Forward

Allen Barron, Inc. on

The 2017 Tax Cuts and Jobs Act or TCJA has a number of important segments presently scheduled to expire on December 31, 2025. How does the TCJA sunset affect business taxation going forward? What planning could be...more

Miller Canfield

The Government's Use of Procedural Hurdles to Disallow Research Credit Refund Claims

Miller Canfield on

In two recent cases, the IRS has tried to defeat research credit refund claims on procedural grounds, rather than simply litigating whether the substantive nature of the asserted research meets the requirements of section 41...more

Lowenstein Sandler LLP

Paycheck Protection Program Round 2: FAQs For Microbusinesses

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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

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

Lowenstein Sandler LLP

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

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

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

PilieroMazza PLLC

COVID-19 Relief in 2021: What Small Businesses Need to Know

PilieroMazza PLLC on

The recent $900 billion COVID-19 economic relief package is delivering long-overdue help to businesses and individuals. The related legislation, the Consolidated Appropriations Act, provided more than $300 billion in aid for...more

Schwabe, Williamson & Wyatt PC

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

Schwabe, Williamson & Wyatt PC on

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

UB Greensfelder LLP

Economic Aid Act – PPP Loan Program Reopened and Expanded

UB Greensfelder LLP on

On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Economic Aid Act”) became law. The economy continues to struggle from the effects of the coronavirus pandemic. This new law...more

Lowenstein Sandler LLP

Paycheck Protection Program: FAQs For Microbusinesses

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...more

Pillsbury Winthrop Shaw Pittman LLP

COVID-19 Relief: Understanding New Paycheck Protection Loan Opportunities

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The Economic Aid Act continues the CARES Act’s Paycheck Protection Program with an additional $284 billion to provide forgivable loans to eligible small businesses, including certain borrowers that already received loans. ...more

White and Williams LLP

PPP 2.0: Welcome, But Still Too Complicated?

White and Williams LLP on

While the arrival of vaccines for the coronavirus have us seeing the proverbial light at the end of the COVID-19 tunnel, many small businesses, particularly in industries such as travel, hospitality and specialty retail,...more

PilieroMazza PLLC

[Webinar] COVID-19 Relief in 2021: What Small Businesses Need to Know - February 2nd, 2:00 pm - 3:00 pm ET

PilieroMazza PLLC on

The recent $900 billion COVID-19 economic relief package is delivering long-overdue help to businesses and individuals. The related legislation, the Consolidated Appropriations Act, provided more than $300 billion in aid for...more

Gould + Ratner LLP

Congress Passes $900 Billion Relief Act and Revises the PPP

Gould + Ratner LLP on

After months of intense negotiations, Congress passed a new relief bill this week. Assuming President Trump signs the bill, or Congress overrides a veto, it delivers change just in time for the new year. Tucked into the...more

McGlinchey Stafford

Yes, I Can Deduct Expenses Paid With A Forgiven PPP Loan

McGlinchey Stafford on

Congress has overridden the IRS position that expenses paid with PPP loan proceeds cannot be deducted if the PPP loan is forgiven. In our November 20, 2020, alert captioned “Can I Deduct Expenses Paid with a PPP Loan?” we...more

Payne & Fears

Paycheck Protection Program Phase 2: What Businesses Need to Know

Payne & Fears on

Much of the publicity and scrutiny surrounding the recently enacted coronavirus relief bill attached to the Consolidated Appropriations Act of 2021 has been focused on the economic impact payments and supplemental...more

Pierce Atwood LLP

President Trump Signs COVID-19 Stimulus Bill, Unlocking New Relief Spending

Pierce Atwood LLP on

On Sunday, December 27, 2020 President Trump signed into law the $900 billion stimulus package enacted by Congress on December 21. His signature ensures that this new relief spending for individuals, families, workers, and...more

Nossaman LLP

Congress Revises PPP Rules: Allows PPP Second Round, Reverses IRS Position on Deductibility

Nossaman LLP on

Congress has come bearing gifts this holiday season to those businesses hit hard by the ongoing COVID-19 crisis. On December 21, 2020, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act...more

Pillsbury Winthrop Shaw Pittman LLP

Paycheck Protection Program Update: COVID-19 Relief Bill to Make New Loans Available, Reverse IRS Position on PPP-Forgiven Tax...

Pillsbury Winthrop Shaw Pittman LLP on

New COVID-19 Relief Bill includes key changes to the Paycheck Protection Program (PPP), including making second loans available to certain businesses, and clarifies that forgiven PPP loans will be tax deductible. The new...more

Ruder Ware

Paycheck Protection Program Loan Borrowers Will Find Deductions Under the Tree This Holiday Season

Ruder Ware on

On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated...more

Lowndes

IRS Doubles Down on Non-Deductibility of Expenses Paid with Forgivable PPP Loan Proceeds

Lowndes on

Back in May, I reported on the IRS’s issuance of Notice 2020-32, in which the IRS answered with a resounding "no" the question of whether businesses that used Paycheck Protection Program (“PPP”) loan proceeds to pay...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

ArentFox Schiff

IRS Expands on Disallowance of Deductions for Expenses Paid With PPP Loan Proceeds

ArentFox Schiff on

The IRS has confirmed that a taxpayer who received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in the CARES Act may not deduct those expenses in the taxable...more

Tonkon Torp LLP

Uncertain Thankfulness: A Tax Deduction Denied & PPP Loan Forgiveness

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Under the CARES Act, PPP loans given to affected borrowers were potentially eligible for forgiveness without cancellation of indebtedness income. To qualify, an affected borrower must certify that (i) “the uncertainty of...more

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