NOTE: This alert was updated on December 13, 2023
The Corporate Transparency Act (CTA) goes into effect January 1, 2024, and requires certain entities to submit organizational and ownership information to the U.S. Treasury...more
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently published the “Final Rule” (effective Jan. 1, 2024) under the Corporate Transparency Act (CTA), part of the government’s efforts to curb money...more
Shortly before the end of the bizarre and painful 2020 calendar year, the Consolidated Appropriations Act for 2021 (the Act) was signed into law, providing an additional $284 billion appropriation for the Paycheck Protection...more
3/22/2021
/ American Rescue Plan Act of 2021 ,
B&O Tax ,
Borrowers ,
Business Expenses ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Revenue ,
Joe Biden ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Popular ,
SBA ,
Tax Exemptions
Shortly before the end of the bizarre and painful 2020 calendar year, the Consolidated Appropriations Act for 2021 (the Act) was signed into law, providing an additional $284 billion appropriation for the Paycheck Protection...more
3/12/2021
/ Borrowers ,
Business Expenses ,
Capital Expenditures ,
Centers for Disease Control and Prevention (CDC) ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
FCC ,
Hospitality Industry ,
Loan Forgiveness ,
NAICS ,
OSHA ,
Paycheck Protection Program (PPP) ,
Payroll Expenses ,
Personal Protective Equipment ,
Property Damage ,
Restaurant Industry ,
Rule 501(a) ,
SBA ,
Small Business
After months of stalled negotiations, Congress finally passed the Consolidated Appropriations Act for 2021 (the “Act”), which includes a $900 billion stimulus package to support the ailing economy. The Act, signed into law by...more
Under the CARES Act, PPP loans given to affected borrowers were potentially eligible for forgiveness without cancellation of indebtedness income. To qualify, an affected borrower must certify that (i) “the uncertainty of...more
11/24/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Internal Revenue Code (IRC) ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Payroll Deductions ,
Payroll Taxes ,
SBA ,
Small Business ,
Small Business Loans ,
Tax Deductions
On Friday, August 28, Treasury released Notice 2020-65, which provides guidance to employers that wish to implement President Trump’s Executive Order allowing a temporary deferral of employee-side Social Security taxes. The...more
On August 8, 2020, President Trump issued an Executive Order directing Treasury Secretary Mnuchin to allow employers a temporary deferral on withholding, collecting, and remitting certain employment taxes. This is not a tax...more