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IRS Issues Safe Harbor Regarding Deductibility of Certain Eligible Expenses Paid or Incurred in 2020 by Taxpayers that Received First Draw PPP Loans

USA - April 26 2021 If you filed your 2020 tax return prior to December 27, 2020 when the Consolidated Appropriations Act of 2021 (the “CAA”) was enacted and therefore…

Joshua E. French, Laura Marsell, Christopher S. McLoon

United States Treasury Department and Massachusetts Department of Revenue Both Announce Extension of April 15 Filing Deadlines

USA - March 22 2021 On March 17, 2021, the Internal Revenue Service (“IRS”) announced that the deadline for both filing Federal individual income tax returns and making…

Laura Marsell, Christopher S. McLoon, Michael E. Mooney, Erin Whitney

PPP Part II - An Early Present to Small Businesses

USA - December 22 2020 Congress has passed the long-awaited bipartisan stimulus package on December 21, 2020 which is expected to be signed by the President. Included in…

Joshua E. French, Michael K. Krebs, John G. Loughnane, Stephen J. Patterson, Shannon S. Zollo

Treasury Provides Guidance on Employee Social Security Tax Deferral

USA - September 8 2020 On August 8, 2020, President Trump issued an executive action directing the Secretary of the Treasury to use the Secretary’s authority under Section…

Laura Marsell, Michael E. Mooney

Moving Forward to the “New Normal”: PPP Update - Focus on Forgiveness

USA - June 29 2020 With the time period for processing a Paycheck Protection Program (PPP) loan with the SBA ending on June 30, borrowers are now focused on the process…

Paul J. Ayoub, Joshua E. French, Elizabeth S. Myers