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Paycheck Protection Program Flexibility Act Makes Important Changes to the Loan Program

USA - June 5 2020 On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPP Flexibility Act”). Though several Senators…

Christopher V. Bacon, Adrianne L. Goins, Caroline Blitzer Phillips, Brittany A. Sakowitz.

IRS Says Expenses Paid with PPP Loans are Not Deductible

USA - May 1 2020 On April 30, 2020, the IRS released guidance disallowing deductions for otherwise deductible expenses if payment of the expense results in forgiveness…

George Matthew Gerachis.

IRS Releases Transfer Pricing FAQs

USA - April 16 2020 In an attempt to improve the quality of transfer pricing documentation, the IRS has released transfer pricing FAQs encouraging taxpayers to “step up…

David C. Cole, George Matthew Gerachis.

CARES Act Relief May Result in Difficult Choices for Multinational Taxpayers

USA - April 14 2020 The roughly $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed on March 27, 2020 includes temporary modifications to…

George Matthew Gerachis, Jason L. McIntosh, Curt Wimberly.

Summary of Business Income Tax Provisions in the CARES Act

USA - March 31 2020 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes corporate and…

Debra J. Duncan.