Maine Governor Janet Mills submitted a supplemental budget, as amended by a change package submitted on January 25, 2021. The supplemental budget is notable for its retroactive conformity to the Internal Revenue Code (IRC) as...more
1/27/2021
/ CARES Act ,
Charitable Deductions ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
GILTI tax ,
Governor Mills ,
Internal Revenue Code (IRC) ,
Loan Forgiveness ,
Net Operating Losses ,
Paycheck Protection Program (PPP) ,
Tax Cuts and Jobs Act
On Monday, December 21, Congress enacted a $900 billion stimulus package to support American workers and businesses impacted by COVID-19. This summary provides an overview of the business and tax relief measures contained in...more
In new guidance, the IRS clarified that a taxpayer that received a Paycheck Protection Program (PPP) loan may not deduct expenses if, at the end of the tax year, the taxpayer reasonably expects the PPP loan to be forgiven,...more
On October 16, 2020, Maine Governor Janet Mills issued a press release addressing several COVID-19-related tax issues, and Maine Revenue Services today issued guidance providing further details....more
10/20/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Double Taxation ,
Filing Deadlines ,
Governor Mills ,
Income Taxes ,
State of Emergency ,
State Taxes ,
Tax Credits ,
Withholding Tax
Maine Revenue Services (MRS) has informed taxpayers that Maine does not conform to the federal tax changes enacted in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security...more
7/16/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Income Taxes ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Sick Pay ,
State and Local Government ,
State Taxes ,
Tax Planning
On June 11, 2020, the Small Business Administration (SBA) released a revised interim final rule to implement changes made by the Paycheck Protection Program (PPP) Flexibility Act. ...more
Late on April 30, 2020 the IRS provided rather unwelcome guidance to Paycheck Protection Program (PPP) loan borrowers and potential borrowers. IRS Notice 2020-32 provides that no deduction will be allowed for otherwise...more
On Friday, April 24, 2020, President Trump signed another emergency relief package (CARES Act II) totaling close to $500 billion, the bulk of which will go toward replenishing the Paycheck Protection Program (PPP). ...more
4/25/2020
/ Agribusiness ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
On April 14, 2020, the Small Business Administration (SBA) issued a Second Interim Final Rule, providing guidance for individuals with self-employment income who file a Form 1040, Schedule C. ...more
4/19/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Gig Economy ,
Independent Contractors ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Self Employed ,
Small Business
States Covered: Maine, Massachusetts, New Hampshire, and Rhode Island -
FEDERAL PROGRAMS -
In response to the unprecedented disruption caused by the COVID-19 pandemic and public health efforts to fight the virus, federal...more
4/5/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Popular ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
This is a guide intended to assist small, middle market and larger businesses in navigating the landscape of federal financing programs. ...more
4/5/2020
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
The CARES Act (H.R. 748) passed by the Senate last night would provide several elements of temporary tax relief. The Act has not yet been approved by the House, and is therefore not yet final.
...more