June 8th, 2020

Paycheck Protection Program Flexibility Act of 2020

On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“Act”), which amends key provisions of the Small Business Act and the CARES Act that relate to the…

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IRS Building

June 4th, 2020

IRS Grants Further Relief – Extends People First Initiative

In light of continued economic hardship facing Americans, the IRS has extended its People’s First Initiative, effectively granting continued tax collection relief beyond the previously identified July 15th deadline. Key benefits to the People’s First…

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Deadline

May 22nd, 2020

Flexible Spending Arrangements Become Even More Flexible

To assist in recovery from COVID-19, IRS announced in Notice 2020-29 that unused amounts from 2019 for medical costs or dependent care in a cafeteria plan may be utilized for expenses incurred through December 31,…

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Maryland State Flag Laws

May 22nd, 2020

Maryland Enacts a “Work-around” to Increase the Deduction for Taxes

Maryland has become the seventh state to allow pass-through entities such as partnerships, limited liability companies and S-corporations to elect to be taxed at the entity level as a “work-around” to the $10,000 cap on…

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Money growth

May 22nd, 2020

Business Valuations in COVID-19 World

In a matter of months, COVID-19 has had lasting effects on the economy and businesses requiring business valuators to consider its impact. On January 20, 2020, China recorded the first confirmed case of COVID-19. By…

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May 19th, 2020

Updated PPP Loan Forgiveness Guidance from SBA

On May 15, 2020, the Small Business Administration (“SBA”) issued much anticipated guidance—in the form of a Loan Forgiveness Application and instructions—to calculate potential forgiveness amounts for loans issued pursuant to the Paycheck Protection Program…

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CARES Act

April 29th, 2020

From Eligibility to Child Support: Stimulus Check FAQ

The 2020 Coronavirus Aid, Relief and Economic Security Act (CARES Act) includes a provision allowing some Americans to receive funds directly from the government to help cushion the economic damage inflicted by the COVID-19 pandemic.…

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April 15th, 2020

Tips for Spending PPP Loan Proceeds and Maximizing Loan Forgiveness

The Payroll Protection Program (PPP) has provided a critical lifeline to businesses and their employees. Business owners whose PPP loan applications have been approved now face a new challenge: determining how to properly spend the…

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April 10th, 2020

Recorded Webinar: Tax Provisions of P.L. 116-136 The CARES Act And Other Current Federal Tax Relief

Stein Sperling’s tax and business attorneys David De Jong and Mark Schweighofer review the federal tax developments related to the COVID-19 relief legislation. If you have questions, please contact David De Jong or Mark Schweighofer.…

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Forbes

April 6th, 2020

Mark Schweighofer interviewed in Forbes on CARES Act

Micah Solomon Senior Contributor with Forbes.com, interviewed Tax and Business attorney Mark Schweighofer on the Paycheck Protection and Economic Injury Disaster Loan programs. In Solomon’s article, “Free Money for Small Business: Two Loans You May…

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