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Effect of “forgiven” PPP loan on the deductibility of covered expenses

USA - May 7 2020 One of the principal benefits of the Paycheck Protection Program (“PPP”) is that the principal and interest from any loan forgiven is not includable…

Edward J. Buchholz, Sean Crowley, Taylor Curtis, Victoria A. Gilbert, Kristen Greenberg, David Kaufman, Nathan Viehl.

IRS issues proposed regulations on grouping activities in calculating unrelated business taxable income

USA - May 1 2020 The Internal Revenue Service (“IRS”) issued proposed regulations on April 23, 2020 (the “Proposed Regulations”) that clarify the method for grouping…

Edward J. Buchholz, Sean Crowley, Taylor Curtis.

What employers need to know about the CARES Act Employee Retention Payroll Tax Credit

USA - April 28 2020 As we previously discussed, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) provides an employee retention payroll tax…

Edward J. Buchholz, Sean Crowley, Taylor Curtis.

Effect of COVID-19 tax legislation on NOL carryforwards and carrybacks

USA - April 21 2020 As many of you already know, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) substantially liberalizes the ability to carry…

Edward J. Buchholz, Sean Crowley, Taylor Curtis.

CARES Act implications for charitable giving during COVID-19

USA - March 31 2020 The save-the-economy CARES Act passed by Congress and signed by the President on March 27 includes a wide variety of provisions designed to rescue an…

Jackie Dimmitt, Steve Gorin, Larry Katzenstein.