Two Important Tax Opportunities Are About to Expire The Coronavirus Aid, Relief and Economic Security ("CARES") Act provided numerous opportunities for tax relief, two of which are about to lapse: Required Minimum Distributions Required Minimum Distributions (RMDs) from retirement plans are waived for the 2020 tax year....
What Does the Executive Order Deferring Payroll Tax Mean For You? President Trump recently released a memorandum on deferring the withholding, deposit and payment of the employee’s share of the 6.2% social security tax on wages paid during the period of September 1, 2020 through December...
Paycheck Protection Program: Frequently Asked Questions There are many questions that still surround the Paycheck Protection Program (PPP) and loan forgiveness. The Small Business Administration (SBA) has released a list of the most frequent questions they receive along with general guidance. Included in this FAQ: • Which application...
On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 - revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into...
What You Need to Know about Additional Opportunity Zone Relief Available due to COVID-19 Pandemic Qualified Opportunity Funds (“QOF”) and their investors have been working diligently to try and meet certain time-sensitive deadlines in order to comply with various Opportunity Zone rules. Due to the COVID-19...
New Law Provides Welcome Modifications to PPP Congress has acted to change the Paycheck Protection Program (“PPP”) including to relax PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans....
Important PPP Loan Update: FAQ #46 Safe Harbor Guidance on Economic Uncertainty Certifications Additional guidance has been released related to how borrower’s certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional...
There have been several additional developments over the last few weeks regarding the Paycheck Protection Program (“PPP”). Even after these developments, many aspects of the PPP are still uncertain, including how the amount of the loan forgiveness will be calculated. The CARES Act was clear...
There have been additional developments over the last several days regarding the Paycheck Protection Program (PPP) and the only thing we can say with certainty is that more changes will come! See below for key May 7, 2020 deadline. The amount of PPP Loan availability has...
In a notice issued on April 9, 2020, the IRS has granted “additional time to perform time-sensitive actions”. This includes the granting of deadline relief for both 1031 like-kind exchanges and Opportunity Zone investments. To be eligible to defer the gain on sale of a property...