May 1

IRS Will Disallow Deductions Related to Forgiven Loans Under the Paycheck Protection Program

Reading Time: 2 minutes   On April 30, 2020, the IRS released a notice (2020-32) that clarified the deductibility of certain expenses for loan recipients under the Paycheck Protection Program. Specifically, the IRS states that paid expenses, that would otherwise be deductible, will be disallowed to the extent of the forgiven loan amount.   Under the Coronavirus Aid, Relief,.

April 10

Key Individual Provisions of the CARES Act

Reading Time: 4 minutes   Among the many business provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, are those meant to aid individual taxpayers. Below are a few of the key individual tax-related provisions. Recovery Rebates for Individuals   To help individuals stay afloat during this time of economic uncertainty, the government will send up-to-$1,200 payments.

March 31

5 Key Business Provisions of the CARES Act

Reading Time: 4 minutes   Congress has passed a monumental economic stimulus package, the Coronavirus Aid, Relief and Economic Security (CARES) Act, created in response to the coronavirus pandemic. The $2 trillion stimulus package was designed to provide much needed aid to individuals and businesses who have been impacted by the ongoing health and economic crisis. Included in the.

March 27

Families First Coronavirus Response Act to Provide Paid Leave

Reading Time: 4 minutes   On March 18, President Trump signed into law the Families First Coronavirus Response Act (PL 116-127) which among other provisions, provides for paid sick leave and paid family leave to address work and employment interruptions related to the coronavirus. The legislation enables employers to keep their workers on their payrolls, while at the same.

March 23

COVID-19 Update & Resource Center

Reading Time: 3 minutes   Lanigan, Ryan, Malcolm & Doyle’s COVID-19 update & resource center has the latest tax news and resources that pertain to you and your business during the COVID-19 pandemic. COVID-19 Updates September 1: President’s Executive Order On Payroll Tax Starts Today August 4: SBA Releases Frequently Asked Questions (FAQs) on PPP Loan Forgiveness July 6:.

January 29

Qualified Opportunity Zones: What You Need to Know

Reading Time: 2 minutes     The Opportunity Zone Program was established as part of the 2018 Tax Cuts and Jobs Act to encourage economic growth and investment in designated low-income and distressed communities. Qualified opportunity zones cover zip codes or other geographic areas determined by each state. Investments made within these areas qualify for certain significant tax breaks.