Summary As 2020 draws to a close, employers should be reviewing whether they have properly included common fringe benefits in their employee’s and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2020, since the CARES Act made...
Year: 2020
Keys to Year-End Tax Savings for Businesses
Whatever 2021 holds, these tips can help lower your tax liability 2020 has been an unpredictable year. Businesses have faced all-encompassing challenges ranging from protecting employee health and safety to managing unexpected costs to dealing with severe fluctuations...
Year-end 2020 May Not Be the “Same As Last Year” For Payroll Taxes and Compensation and Benefits
As 2020 draws to a close, we would like to remind you that this year-end may not be the same as 2019 when it comes to payroll taxes and compensation and benefits matters. This alert highlights various areas of change and what employers should be focusing on. New Form...
IRS Clarifies That SALT Deduction Cap Does Not Apply to Passthrough Entities
Summary In a welcome notice (Notice 2020-75) released on November 9, 2020, the IRS announced that proposed regulations will be issued to clarify that state and local income taxes imposed on and paid by a partnership or an S corporation (i.e., pass-through entities or...
Forgiveness of PPP Loans May Reduce R&D Credit
Background The forgivable loan program known as the Paycheck Protection Program (PPP) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial resources to small and mid-size businesses to enable them to maintain...
Is a COVID-19 Baby Boom in the Cards for Real Estate?
The impact of blackouts, national emergencies, recessions and other singular or cyclical events on the U.S. birth rate has been a subject of study and interest since the Baby Boomer phenomenon displayed the far-reaching effects a population surge can have on...
SBA Rolls Out “Loan Necessity Questionnaire” for Borrowers with PPP Loans over $2M and Starts Audit Review Process
Earlier in the year, the Small Business Administration (SBA) announced in an updated FAQ on the program that it will be auditing all Paycheck Protection Program (PPP) loans of $2 million or more. Borrowers whose loans meet this threshold amount might receive a Loan...
State and Local Tax and COVID-19: Recognize the Risks and Take Advantage of the Opportunities
Understanding obligations and available state tax relief will help businesses navigate the pandemic. As businesses continue to assess the myriad implications of the COVID-19 pandemic, one area of focus should be on the impact of legislation, regulations and guidance...
Optimizing Operations: Uncover Tax Relief Opportunities
Although companies that have managed to survive up to this point will have overcome immediate safety and cashflow problems, they still face an uncertain future. No one can predict how long the downturn will last, whether the world will revert into crisis mode or...
Finding Relief: Tax Strategies to Generate Immediate Cash Flow
During these challenging times, companies must have access to cash to help offset unforeseen costs, whether for buying personal protective equipment (PPE) for on-site employees or investing in the technology needed to keep a remote workforce safely and efficiently...