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Search OptionsBusinessSBA Issues Additional Interim Guidance on Paycheck Protection Program Clarifying Treatment of Self-Employment and Partner Income
On April 14, 2020, the U.S. Small Business Administration (the “SBA”) issued a second interim final rule (the “Second PPP Interim Final Rule”) related to the Paycheck Protection program (the “PPP”) offered under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). This latest… IRS Provides Relief for Partnerships to File Amended Returns
On April 8, 2020, the IRS issued Rev. Proc. 2020-23 (“RP 20-23”) in response to provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). RP 20-23 allows eligible partnerships to file amended partnership returns for tax years beginning in 2018 and 2019 by filing a Form… Changes to Net Operating Loss Carryback Rules May Provide Opportunities
[Updated April 17, 2020] The IRS posted updated FAQ’s related to temporary procedures permitting refund claims, requested on Form 1045, Application for Tentative Refund, or Form 1139, Corporation Application for Tentative Refund, to be submitted via fax to 844-249-6237. Only claims allowed under the… IRS Provides Guidance on Process for Claiming COVID-19 Related Payroll Tax Credits
On March 30, 2020, the IRS issued a new tax form, and related instructions, for employers seeking to obtain advance payments of three new tax credits established under the Families First Coronavirus Response Act (“Families First Act”) and the Coronavirus Aid, Relief and Economic Security Act… Comparisons of the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP)
[UPDATED APRIL 17, 2020] On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “Act”) which provides significant economic benefits to small businesses. Two of the most economically beneficial programs available to small businesses are the Economic… Insurance Coverage for COVID-19: Six Steps to Help Your Business Maximize Insurance Coverage That May Be Available to Offset COVID-19 Losses and Claims
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 COVID-19 Resource Center and Checklist to help your business navigate this crisis. One important… 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… The CARES Act: Business and Individual Tax Provisions, Charities, and IRS Relief Measures
The Coronavirus Aid, Relief, and Economic Security Act (the “Act”) modifies the Internal Revenue Code to provide significant tax relief to businesses and individuals in response to the COVID pandemic. This alert summarizes the key aspects of these tax changes. 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… 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… Coronavirus Concerns May Implicate Force Majeure Contract Issues
So-called force majeure clauses typically are contained in contracts to excuse performance by the parties for acts of God, impossibility of performance, disaster, and other circumstances beyond the control of the parties. This clause may have particular application for those of you who supply parts… 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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