Any business that received a loan under the Paycheck Protection Program (PPP) has been awaiting guidance on the loan forgiveness process. On May 15...
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COVID-19: Guidance issued to disallow tax deduction for expenses paid using proceeds from Paycheck Protection Program
In Notice 2020-32, the IRS has clarified that no deduction is allowed for an expense that is otherwise deductible if both (1) the payment of the...
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COVID-19: Federal Reserve expands reach of ‘Main Street’ emergency lending programs for midsized businesses
Federal Reserve adds third loan facility, increasing size of firms that can participate and reducing minimum loan size to $500,000; 'evaluating...
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COVID 19: Update on Economic Injury Disaster Loan Advance
On Monday, April 13, 2020, the U.S. Small Business Administration (SBA) released an update on the CARES Act, which allows small businesses (500...
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COVID-19: Paycheck Protection Program Information
The U.S. Department of the Treasury has released the details of the Paycheck Protection Program (“PPP”), which prioritizes millions of Americans...
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COVID-19: Coronavirus stimulus actions impacting business owners and individuals
IRS extends filing deadline and federal tax payments regardless of amount owed The Treasury Department and Internal Revenue Service announced on...
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COVID-19: Treasury Extends April 15 Tax Payment Deadline
The Treasury Department has announced a plan to extend the April 15 tax deadline, providing an additional 90 days to pay taxes owed for individuals...
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COVID-19: Managing Cash and Accessing Disaster Relief Lending
Many companies are in need of access to working capital in these uncertain times where businesses of all types are seeing major reductions in revenue...
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IRS beginning to increase enforcement efforts in the cryptocurrency space
In recent weeks, the IRS has sent letters (Letter 6173, Letter 6174, or Letter 6174-A) to approximately 10,000 taxpayers with regard to...
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C-corp – Is It Right for Your Business?
The new U.S. tax legislation offers a sweet deal for C corporations, which can make giving up your passthrough status an attractive option. If an...
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