News & Analysis as of

Tax Exempt Entities Small Business

McDermott Will & Emery

Special IRS Team Working to Identify Emerging “Abusive Transactions”

Earlier this year, the Internal Revenue Service (IRS) announced the creation of a new Joint Strategic Emerging Issues Team (JSEIT). The new initiative, announced at the New York University School of Professional Studies Tax...more

McDermott Will & Emery

IRS Chief Counsel Signals Increased Tax Enforcement

McDermott Will & Emery on

The Internal Revenue Service (IRS) Chief Counsel is the chief legal advisor to the Commissioner of Internal Revenue on all matters pertaining to the interpretation, administration and enforcement of the Internal Revenue Laws....more

Verrill

New Reporting and Penalties for Small Business Owners

Verrill on

In the United States of America, what do a small restaurant owner, a real estate developer who wants to keep properties separate, a mom-and-pop store with fewer than 20 employees and a drug cartel shell company all have in...more

Genova Burns LLC

Paycheck Protection Program: More Clarifying Rules, Second Draws and a New Application Form

Genova Burns LLC on

On January 6, 2021, the Small Business Association ("SBA") and the Treasury Department released interim final rules for the Paycheck Protection Program (“PPP”) Second Draw Program, which was created as part of the stimulus...more

Proskauer - Tax Talks

Coronavirus: Comparing the Tax Proposals in the HEALS and HEROES Acts

Proskauer - Tax Talks on

On July 27, 2020, Senate Republicans introduced a series of bills and proposals that have been collectively referred to as the “Health, Economic Assistance, Liability Protection and Schools Act” (the “HEALS Act”). The HEALS...more

Bowditch & Dewey

Main Street Lending Program – Expanded Assistance to Nonprofit Organizations

Bowditch & Dewey on

The Main Street Lending Program (MSLP) was established by the Treasury Department with $75 billion from the CARES Act to enhance access to credit for small and medium-sized businesses during the COVID-19 pandemic which were...more

Goodwin

Paycheck Protection Program Legal Update for Tax-Exempt Organizations

Goodwin on

CURRENT STATUS - On April 24, 2020, President Trump signed the Paycheck Protection Program and Healthcare Enhancement Act (PPP Enhancement Act), adding an additional $310 billion to the previously exhausted $349 billion in...more

Goodwin

Paycheck Protection Program Legal Update for Tax-Exempt Organizations

Goodwin on

On April 24, 2020, President Trump signed the Paycheck Protection Program and Healthcare Enhancement Act (PPP Enhancement Act), adding an additional $310 billion to the previously exhausted $349 billion in funds allotted for...more

Goodwin

What Tax-Exempt Organizations Need to Know About the CARES Act

Goodwin on

On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by the President. The CARES Act includes several provisions that may be beneficial to tax-exempt organizations, including...more

Troutman Pepper

Paycheck Protection Program: Are You Feeling Small and Left Out? There May be an Answer for You

Troutman Pepper on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a new program within the U.S. Small Business Administration’s (SBA’s) flagship 7(a) Loan Program called the “Paycheck Protection Program” (PPP). Under...more

Cooley LLP

Alert: SBA Programs Under the CARES Act: Are You Eligible for Federal Assistance?

Cooley LLP on

As has been well publicized, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2 trillion economic relief package enacted to help individuals and businesses in the United States weather the severe...more

Fox Rothschild LLP

CARES Act: A Comparison Of SBA Loan Programs For Small Businesses

Fox Rothschild LLP on

With Coronavirus Aid, Relief and Economic Security Act (CARES Act) now law, the following is intended to be helpful summary for small businesses evaluating which Small Business Administration (SBA) loan program – the Economic...more

Lathrop GPM

Small Business Loans Announced for COVID-19

Lathrop GPM on

As our nation, states, and local governments continue to respond to the COVID-19 pandemic, we know these are difficult times for all of our clients, but in particular for our nonprofit clients and friends. Extending lines...more

Perkins Coie

San Francisco Adopts Vacancy Tax Ordinance

Perkins Coie on

Seeking to preserve the vitality of commercial corridors and reduce retail vacancies, San Francisco voters approved the Vacancy Tax Ordinance, which authorizes a tax assessment on vacant retail space beginning January 1,...more

Foodman CPAs & Advisors

Will the IRS Integrated Modernization Business Plan Work?

On April 18, 2019, IRS released the IRS Integrated Modernization Business Plan April 2019  (Plan) -  a six year Plan designed to modernize the IRS’ technology systems, improve Taxpayer services and protect Taxpayer data. ...more

Farella Braun + Martel LLP

May 15 Is Tax Filing Deadline for Many Tax-Exempt Organizations

This is a reminder that tax-exempt organizations operating on a calendar-year (January 1 – December 31) have a filing deadline for Form 990-series information returns on May 15. To avoid potential penalties or risk of losing...more

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