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Corporate Transparency Act: New Obligations to Disclose Beneficial Ownership in Private Companies

On January 1, 2021, Congress enacted the Corporate Transparency Act (the “CTA” or the “Act”) as part of the greater National Defense Authorization Act for Fiscal Year 2021.  The CTA requires certain domestic and foreign companies to disclose beneficial ownership information to the U.S. Department of…

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A PPP Holiday Stocking Stuffer

Congress finally agreed on a new COVID relief package, passed the Consolidated Appropriations Act, 2021 (the "Act") after months of intense negotiations about scope and dollars, and has sent the Act to President Trump for his signature. The President has tweeted objections about some provisions of…

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IRS Deflates the Hope Balloon of PPP Borrowers

On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51, which, respectively, provided additional guidance regarding the IRS position on the non-deductibility of expenses funded with Paycheck Protection Program (PPP) loan proceeds and a…

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USDA Approves Indiana State Hemp Plan for Commercial Growth

On October 22, 2020, the United States Department of Agriculture (“USDA”) approved the Indiana State Hemp Plan (the “Plan”), allowing hemp growers to grow and process hemp commercially in Indiana without obtaining the previously required university research affiliation. Applications for the 2021…

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Businesses That File Indiana Sales and Withholding Taxes Must Transition Accounts to New Indiana Department of Revenue System Starting September 8, 2020


In early September 2019, the IDOR launched the first of four rollouts of a tax modernization project, Project NextDOR, and is launching Phase 2 this month. Project NextDOR’s new technology includes INTIME, a new online e-services portal which will enable Indiana taxpayers to manage their…

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IRS Confirms Payroll Tax Deferral Not Mandatory

In its monthly payroll industry teleconference held on September 3, 2020, the Internal Revenue Service (IRS) confirmed that the payroll tax deferral of the employee portion of the FICA tax described in IRS Notice 2020-65 is not required. Employers may choose to exercise the deferral option but are…

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