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...
Month: November 2020
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...