SBA Releases List of PPP Borrowers – Which Businesses Are Now Audit Targets?
The SBA and the United States Treasury have now released a list of over 600,000 PPP loan borrowers who received PPP loans of $150,000 or…
Tax Law Insights
Don’t Forget Hardship Distribution Amendments
A lot has happened since the final regulations revising the hardship distribution rules were issued on September 23, 2019 (the “Hardship Regulations”). The Secure Act…
Paycheck Protection Programs Ends – What Next?
The Paycheck Protection Program under the CARES Act ended June 30, 2020, and with over $520 billion loaned to nearly 4.9 million self-employed individuals and…
Is the South Carolina Department of Revenue’s Administrative Interpretation of Tax Laws Entitled to Deference by the Courts?
In disputed tax cases in South Carolina, the South Carolina Department of Revenue (SCDOR, DOR, or Department) will often argue that our courts should defer…
DOJ Announces Trio of PPP Fraud Prosecutions
This week the US Department of Justice (“DOJ”) announced a trio of criminal prosecutions for fraudulent PPP loan applications. Each involved inter-agency investigations involving the…
United States Department of Justice Opens Investigation Into PPP Loans and Borrowers
The U.S. Justice Department has opened an investigation into businesses and self-employed individuals that applied for loans under the Paycheck Protection Program. Over $500 million…
ACLU and Others File Lawsuit Against SBA Challenging SBA Guidance That Businesses and Individuals Are Not Eligible For a PPP Loan if They Have Criminal History
Banks have loaned over $500 billion in PPP loans under the CARES Act, and to over 4.6 million businesses and self-employed individuals. These PPP loans…
Five Common Questions for Qualified Plans and IRAs under CARES Act
1. Do I have to take my required minimum distributions (RMD) in 2020? No. Required minimum distribution rules do not apply for 2020 for IRAs,…
Remember that You Must Pay South Carolina (and Federal) Income Taxes on Unemployment Benefits Received by the State
Many South Carolinians who have been furloughed or laid-off from work have received unemployment benefits from the South Carolina Department of Workforce. These benefits have…
South Carolina Confirms CARES Act Stimulus Payments Are Not Taxable
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides individuals with a stimulus payment of $1,200 per adult, plus $500 for each qualifying…