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...
More than ever, it is important for individuals and businesses to enter into detailed tax planning. Due to the complexity of the tax law, the details are often left to the tax advisor, but having a basic understanding of how the new tax reform may...
Most businesses and not-for-profits for whom we provide audit services have leasing arrangements that go beyond 12-month terms. They are entered into for things like office space, equipment and other operating assets for which the lessee never intends to gain ownership. In the past, these...
In the Tax Cuts and Jobs Act of 2017 (Tax Act), changes to business taxation are considerable and comprehensive. Because many of our clients are structured as pass-through entities and small businesses, we wanted to address several of the most significant changes for 2018 tax...
Nov 22, 2016 A brief overview of the President-elect’s tax plan for individuals Now that Donald Trump has been elected President of the United States and Republicans have retained control of both chambers of Congress, an overhaul of the U.S. tax code next year is likely. President-elect...