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Taxpayer Certainty and Disaster Relief Act - Residential Rental Property

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (P.L. 116-200), signed into law by President Trump on December 27, 2020, allows a real property trade or business that elects out of the §163(j) business interest expense deduction limitation to depreciate residential rental property placed in service before 2018 over a 30-year ADS recovery period. Previously, a 30-year ADS period only applied to... Read More

Opportunities for Individuals - Consolidated Appropriations Act, 2021

The Consolidated Appropriations Act, 2021 was signed into law on December 27, 2020. The bill is a combination of several Acts that aim to provide economic relief through stimulus payments and extensions of beneficial tax provisions (extenders) that were set to expire on December 31, 2020. Below is a summary of several provisions and extenders that will be particularly important to the 2020 and 2021 federal... Read More

Opportunities for Businesses -Consolidated Appropriations Act, 2021

The Consolidated Appropriations Act, 2021, signed into law December 27, 2020, introduces several new relief opportunities for both businesses and individuals. Below we have highlighted a few of the key aspects of the legislation that will be beneficial to many businesses. Extension of Employer Payroll Credits for Paid Sick and Family Leave Originally part of the Families First Coronavirus Response Act... Read More

New PPP Guidance and Second Draw Loans

The President signed the Consolidated Appropriations Act, 2021 into law on December 27, 2020. The act includes the $900 billion stimulus COVID-19 bill to help provide continued assistance to individuals and businesses that have been impacted by the ongoing pandemic. The bill includes $284 billion to fund first and second draw Paycheck Protection Program (PPP) Loans which initially expired on August 8, 2020.... Read More

Employee Retention Credit - Consolidated Appropriations Act

The Consolidated Appropriations Act, 2021 signed into law by the President on December 27, 2020, contains significant enhancement and extension on various business and individual tax laws. Under the new tax law, the employee retention credit is modified, extended, and made available to PPP borrowers. The credit can be claimed by many businesses that retained employees despite significant decrease in revenue... Read More

Congress Passed Relief Bill - Awaiting Signature

In an effort to boost the economy and provide relief from the impact that COVID-19 continues to have on Americans, Congress passed a $900 billion relief package and sent to the President for signature. If signed into legislation, this would be the second largest federal stimulus package after the $2 trillion CARES Act passed in March 2020. However, President Trump has sent the bill back to Congress hoping to... Read More

Loan Necessity Questionnaires

In an effort to obtain the required supporting documentation for Paycheck Protection Program Loans exceeding $2 million, the SBA has published a notice seeking to release two questionnaires, one for for-profit borrowers and one for non-profit borrowers. The questionnaires will be administered through PPP lenders and are intended to support the borrower's good-faith certification regarding the economic... Read More

SBA Updates for PPP Borrowers

New Streamlined PPP Loan Forgiveness Application The SBA has approved a simplified one-page PPP loan forgiveness application for loans of $50,000 or less. The new streamlined form makes the application process much easier for borrowers who obtained less than $50,000. The new form 3508S does not require calculations or reporting of employee hours and salaries. Rather,... Read More

SBA Guidance on PPP Loans and Change of Ownership

On October 2, 2020 the SBA issued a procedural notice regarding Paycheck Protection Program Loans and changes of ownership. The notice clarifies the required procedures for changes of ownership of an entity that received PPP funds.Definition of Change of Ownership: At least 20 percent of the common stock or other ownership interest of a PPP borrower is sold or otherwise transferred The borrower sells or... Read More