The IRS recently released a trio of Revenue Procedures - 2021-48, 2021-49, and 2021-50 - related to the Paycheck Protection Program (PPP), which has been the subject of a number of our previous legal alerts. Some alerts can...more
The Internal Revenue Service (IRS) recently issued Revenue Procedure 2021-20 (Revenue Procedure), providing guidance for taxpayers who received Paycheck Protection Program (PPP) loans in 2020 but did not deduct all of their...more
5/3/2021
/ Business Expenses ,
Business Taxes ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
Revenue Procedures ,
Revenue Rulings ,
Safe Harbors ,
Tax Deductions
On March 11, 2021, the American Rescue Plan Act of 2021 (the ARPA), the third set of legislation aimed at assisting individuals and businesses during the COVID-19 pandemic, was signed into law by President Biden. Along with...more
3/19/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employee Retention ,
Families First Coronavirus Response Act (FFCRA) ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Tax Credits ,
Tax Exemptions ,
Unemployment Benefits
In light of recent Congressional action, the IRS has obsoleted its prior guidance that deductions of business expenses taken by recipients of forgiven loans under the Paycheck Protection Program (PPP) are disallowed. On...more
The Internal Revenue Service (IRS) recently issued a Revenue Ruling, a Revenue Procedure and a series of frequently asked questions (FAQs) posted on the IRS website addressing open questions regarding Paycheck Protection...more
The COVID-19 epidemic has resulted in travel restrictions around the globe, and many individuals find themselves stranded outside of the jurisdiction in which they usually work. While individuals may be able to work remotely,...more
At the request of concerned countries, the Organisation for Economic Co-operation and Development (OECD) Secretariat has weighed in on tax considerations that are important both to businesses and to their employees as they...more
As COVID-19 continues to spread around the globe, companies and individuals are facing a diverse and challenging set of issues. These issues span a number of different contexts including tax, and measures are being considered...more