Our COVID-19: Client Updates

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For Purposes of the Employee Retention Credit, when is a Business Considered “Fully or Partially Suspended Due to a Governmental Order”?

Article effective based on date written: May 12, 2020 For businesses struggling as a result of pandemic-related shutdowns, any form of stimulus may be vital to their continued existence.  When the CARES Act[1] became law, many businesses believed that the employer retention credits authorized by section 2301 would see widespread application.  Unfortunately, those impacted by…

Considering Returning Funds from the Paycheck Protection Program? Here’s What You Need to Know.

Article effective based on date written: May 11, 2020 For those seeking to return funds from the Paycheck Protection Program (“the PPP”) pursuant to the safe harbor, the deadline is fast approaching: May 14, 2020.  While this issue continues to generate publicity, the fear being generated is perhaps unfair to some returning funds for which…

IRS Notice 2020-32: Should Taxpayers Deduct Expenses Resulting in Loan Forgiveness under the Paycheck Protection Program Despite the Contrary Guidance of the Internal Revenue Service?

Article effective based on date written: May 5, 2020 Takeaway:  Although the Internal Revenue Service indicates that expenses resulting in loan forgiveness under the Paycheck Protection Program are not deductible, its interpretation is questionable.  Even if Congress does not legislatively address this issue, businesses may consider deducting these expenses based on the intent of the…

COVID-19 Updates: Howard County

May 4, 2020 Howard County is moving to a virtual hearing platform for zoning hearings via WebEx. The first virtual zoning hearing has been scheduled for May 28th.  March 19, 2020 All milestone and submission deadlines have been extended according to the County Executive’s order. Paper and mylar submissions: Residential walk-thru permits, and all physical…

Reinforcing Compliance for the Paycheck Protection Program: What Recent Public and Political Developments Mean for Loan Recipients

Article effective based on date written: May 1, 2020 Takeaway:  Recently implemented rules, public statements of government officials, and the return of funds by some should not compel most businesses to change course; however, recipients of funds from the Paycheck Protection Program should collect and retain documentation to support certifications made with their loan applications,…

How the Internal Revenue Service’s People First Initiative and Existing Collection Procedures Offer Additional Tax Resolution Opportunities

Distressed Businesses, the Unemployed, and Others Experiencing Financial  Hardship May Greatly Benefit if Action is Taken Article effective based on date written: 4/27/2020 Although the pandemic and related financial downturns have put many individuals and businesses on the brink of financial disaster, this may present an opportunity for those with long-standing tax issues.  For those…

Paycheck Protection Program: Understanding the Rules and Potential Options May Be Required to Maximize Loan Forgiveness

Paycheck Protection Program: Understanding the Rules and Potential Options May Be Required to Maximize Loan Forgiveness – The Paycheck Protection Program (“the PPP”) has, by most accounts, been a great success in providing needed financial assistance to small businesses.  While funding through the PPP is characterized as a “loan,” many business owners view these proceeds as grants due to the loan forgiveness offered by the CARES Act.  Whether the PPP loan has been funded yet or not, businesses should carefully review their financial situation and the requirements of the PPP in order to maximize the amount of loan forgiveness.

Will Business Interruption Insurance Cover Your Business’ Losses Resulting From COVID-19?

The answer to this question will depend upon the language of your policy.  Most business interruption insurance policies, however, will have coverage language and exclusions that will make it unlikely for a COVID-19 claim to be covered. It would be prudent to have your attorney review your policies and assist you in making any appropriate…

Net Operating Losses under the CARES Act

Net Operating Losses under the CARES Act: A few key provisions of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) should prove fruitful for businesses that have new or recent net operating losses.

Did Funding for the Paycheck Protection Program Run Out on You?

Did Funding for the Paycheck Protection Program Run Out on You?

Payroll Tax Incentives Offered by the CARES Act
and FFCRA May Offer Substantial Relief

While many small business owners are already aware of at least some of the relief offered by the Coronavirus Aid, Relief and Economic Stability Act (“CARES Act”), less media attention has been focused on other benefits of emergency legislation that may offer substantial relief to businessowners.