The Corporate Transparency Act

by Pavia & Harcourt LLP At the beginning of 2021, Congress passed the National Defense Authorization act for Fiscal Year 2021, which covers the Corporate Transparency Act. The Corporate Transparency Act, or CTA, requires companies in the United States to file a yearly report regarding a company’s “beneficial owner” to FinCen, the goal being to curb anonymous shell companies that…

Individual Tax Deadline Extended to May 17, 2021

The IRS has released news on March 17, stating the following: “…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. The IRS will be providing formal guidance in the coming days.” The IRS website goes on to state: “Individual taxpayers can also postpone…

IRS Guidance on Employee Retention Credit for 2020

The IRS has recently released a guidance regarding the employee retention credit for 2020. Please find the summary below provided by Charles R. Bernardini, Esq., from Nixon Peabody LLP. We have included the actual guidance and FAQ document for download. In Notice 2021-20, the IRS issued detailed guidance for employers claiming the employee retention credit for calendar quarters in 2020.…

Applying for a Second Draw PPP Loan – Key Requirements

If you are interested in applying for Second Draw PPP Loans, or will be a first-time borrower, please take a look at the key requirements below. While these requirements are listed from one bank, they follow the requirements as stated by the SBA and Treasury, as other lenders will. Key requirements for all applicants: You are an authorized representative who…

New PPP Guidance for PPP Second Draw Loans

The Journal of Accountancy has published an in-depth summary of the new PPP guidance issued by the US SBA and Treasury.  Written by senior editor Jeff Drew, the article below details the main differences between the PPP 1 and the PPP 2 along with listing eligibility, eligible costs, notes on forgiveness, maximum amounts, and set-asides for  “new and smaller borrowers,…

Business Loan Program Temporary Changes to the PPP Second Draw Loans

The Consolidated Appropriations Act was signed into law on December 27th, 2020. This act follows the CARES Act that was signed into law last March. It aims to provide additional funding and relief to small businesses affected by the pandemic. Part of this Act includes the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act)”, allowing…

Business Loan Program Temporary Changes to the PPP as Amended

In addition to the guidance the SBA and Treasury released concerning FSAs and Section 311 of the Economic Aid Act, both organizations have also released a guidance and Interim Final Rule regarding the changes made to the Paycheck Protection Program in order to extend the funds and amount of time allowed for small business to apply. This IRF consolidates and…

FFCRA – What Has Changed for 2021?

Please see the summary prepared by Shelagh Michaud, Irene Scholl-Tatevosya, and Kimberly K. Harding of Nixon Peabody LLP regarding the Consolidated Appropriations Act and the FFCRA (Family First Coronavirus Response Act). The article from Nixon Peabody addresses the effects on extended tax credits for employers. The article also includes links to other updates the law firm has made. Please see below.…

Stimulus legislation temporarily relaxes flexible spending arrangement rules

Please see the summary prepared by  Damian A. Myers, Yelena F. Gray, and Lena Gionnette of Nixon Peabody LLP regarding the Consolidated Appropriations Act. The article from Nixon Peabody addresses the effects on FSAs. Please see below. Stimulus legislation temporarily relaxes flexible spending arrangement rules The recently signed Consolidated Appropriations Act is intended to provide various forms of tax relief,…