Disallowed Deductions and the PPP Loan

With the recently released IRS Revenue Ruling, many business owners who took out PPP Loans wondering if they could deduct associated expenses will now have their answer. Please see this article from the tax advisory firm Baker Tilly, “Treasury guidance disallows deductions related to PPP loan proceeds if forgiveness expected”, written by Paul Dillon, Michelle Hobbs, Mike Schiavo and Michael…

IRS & Foreign Owners of US Real Property

If you are a foreign owner of US property, this article provided by the Witherworldwide real estate think tank and Paul Sczudlo entitled “The IRS further targets foreign owners of US real property” may be of interest to you: With the impact of rampant U.S. federal government stimulus spending to address the coronavirus pandemic and the continuing impact of tax…

IRS Working Through Mail Backlog

Dear Clients, Please find the following article regarding the IRS and their backlog of unopened paper tax returns from National Society of Accountants (NSA), written by Jessica L. Jeane, JD, the Director of Public Policy and Communications: IRS Continues to Work Through Mail Backlog Consisting of Over 5 Million Unopened Items, Commissioner Rettig Says October 7, 2020 The IRS continues…

COVID-19 Relocation and Taxation

Please find the following post regarding state income tax rates and relocation to different states during the pandemic, from the law firm WithersWorldwide: Beginning early this year, COVID-19 started spreading in the United States, with some states hit harder than others.  People who had the means and ability left the hard-hit, densely populated states and fled to less affected, less…

NYT Op-Ed: So You Think New York is Dead

Please find the following New York Time’s Op-Ed piece, by Jerry Seinfeld. Jerry Seinfeld: So You Think New York Is ‘Dead’(It’s not.) By Jerry SeinfeldMr. Seinfeld is a comedian.Aug. 24, 2020 When I got my first apartment in Manhattan in the hot summer of 1976, there was no pooper-scooper law, and the streets were covered in dog crap. I signed…

Main Street Lending Program

The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. The presentation below focuses details, eligibility, and required documents regarding for-profit businesses. Three different loan programs have been designed for the for-profit business -- Main Street…

3508EZ PPP Loan Forgiveness

You may be able to apply for forgiveness through the SBA Form 3508EZ if you are a borrower who is: Self Employed Individuals, Independent Contractors, or Sole Proprietors who have no employees at the time of the PPP Loan application (no employee salaries included) OR A Borrower who did not reduce the annual salary or hourly wages of any employee…

Lake Como Restarts

https://www.youtube.com/watch?v=i_-m1W293Cw&feature=youtu.be As restrictions begin to change and entire countries begin to restart, we hope to continue offering you the support and services you need during this time. From our offices in Como to New York, Milan to San Francisco and Miami, we are here for you. Video Source: https://mylakecomo.co/en/news/lake-como-restarts-video/