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The CARES Act: Benefits for Small Businesses

[UPDATED April 17, 2020] The Coronavirus Aid, Relief, and Economic Security Act (the “Act”) provides significant economic benefits to small businesses.  One change will significantly expand the Section 7(a) loan program to include the Payroll Protection Program (“PPP”) administered by the Small…

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Tax Day Postponed until July 15, 2020

On Friday, March 20, 2020, U.S. Treasury Secretary Steven Mnuchin announced that the annual federal income tax filing deadline would be moved back 90 days, from April 15th to July 15th, to provide taxpayers with additional time to prepare and file federal returns while dealing with the…

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COVID-19 Checklist for Businesses

[UPDATED APRIL 22, 2020] - The novel Coronavirus (COVID-19) pandemic creates unprecedented and significant challenges for businesses of all sizes. In light of the rapidly evolving circumstances, Krieg DeVault has assembled a checklist to help identify potential legal issues that your business…

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Proposed Regulations on Meals and Entertainment Expenses

On February 26, 2020, the IRS and Treasury published proposed regulations (“Proposed Regulations”) providing guidance under §274 of the Internal Revenue Code (“Code”) as amended by the Tax Cut and Jobs Act, Pub. L. No. 115-97, §13304, 131 Stat. 2054, 2123 (2017) (the “TCJA”). The Proposed…

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Is Now the Time to Consider Establishing a Donor Advised Fund?

While donor advised funds (“DAF” or “DAFs”) have been around since the 1930’s, they were not defined by statute until the Pension Protection Act of 2006 added Section 4966(d)(2) to the Internal Revenue Code. With the passage of President Trump’s Tax Cuts and Jobs Act in December of 2017 (“TCJA”),…

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