COBRA Without the Bite
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (“ARPA”). The ARPA mandated several important changes for both employers and…
Tax Law Insights
PPP Loan Application Date Extended by Congress
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31,…
Releasing the Pressure Valve for Single Employer Pension Plans under American Rescue Plan Act
On March 11, 2021, President Biden signed into the law the American Rescue Plan Act (“ARPA”) containing $1.9 trillion in financial stimulus. Though not highly…
American Rescue Plan Extends Employee Retention Credit
Prior to the passage of The American Rescue Plan Act of 2021 on March 11, 2021 (the “Rescue Act”) the employee retention credit, as amended…
Time is Running Out to Apply For a PPP Loan
The second PPP loan program is due to expire March 31, 2021. Many eligible businesses have still not applied. President Biden announced changes to the…
South Carolina May Join Other States to Provide State and Local Tax Cap Workaround
The Tax Cuts and Jobs Act of 2017 (TCJA) imposed a $10,000 cap on the federal deduction for state and local taxes for tax years…
Retroactive 2020 Employee Retention Credit Changes and 2021 Enhancements
The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable…
PPP Borrower Pays Damages and Penalties to Government in First False Claims Act Settlement
The US Department of Justice announced the first civil settlement involving allegations of fraud against a PPP borrower. SlideBelts Inc. received a PPP loan under…
New Tax Changes That Might Affect Your Estate Planning Strategy
While there are many new tax policy implementations that may be imminent with the new Biden administration, there are two changes in particular that estate…
Are You Ready for Your PPP Loan Audit?
PPP loans received by individuals and businesses under the CARES Act will be audited (“reviewed”) by the SBA. The new Economic Aid Act also requires…