Dear Friends, As we approach year end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and…
The Shuttered Venue Operators Grant (“SVOG”), administered by the U.S. Small Business Administration (“SBA”), has so far provided over $10 billion in federal grant awards for entertainment venues, including live concert venues, museums, and theatres, to offset losses from the pandemic. This funding has provided a tremendous boost to the arts and culture sector as…
On March 25, 2021, the PPP Extension Act of 2021 was passed by the Senate, sending the legislation to President Joe Biden for his signature, just days before the Paycheck Protection Program application cycle was set to expire. The Bill extends the PPP2 application cycle to May 31, 2021 and also provides an additional 30…
On March 17, 2021, the IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May…
The Coronavirus Aid, Relief and Economic Security (CARES) Act was a rapid response by the federal government to help businesses and employees cope with the economic issues caused by the pandemic. Many aspects of the wide-range law make significant changes affecting employer-sponsored retirement plans and their participants. Since Congress passed the CARES Act in March…
The Coronavirus Aid, Relief and Economic Security (CARES) Act allowed plan sponsors to relax loan and distribution rules in 2020, giving participants greater access to funds during the pandemic. These provisions were implemented to provide relief as many employees do not have adequate short-term savings. Employee Benefit Research Institute (EBRI) has found that only one…
PPP Loans and Shuttered Venue Operators (SVO) Grants PPP – Round Two In accordance with the recently passed Economic Aid Act, the Small Business Association (SBA) resumed the Paycheck Protection Program (PPP) on January 11, 2021, First and Second Draw PPP loans are now available for application. First Draw PPP Loans are available for those…
The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals and provide…
The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs cannot be relied upon as legal…
For small and midsize businesses struggling because of the coronavirus, the Paycheck Protection Program (PPP), included as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provided much-needed funding to cover necessary expenses. One of the chief benefits of the loans made through this program is the potential for the loans to be…