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New PPP FAQs – Good News for Necessity Requirement

[vc_row][vc_column][vc_column_text]As addressed in previous Legal Beats, in order to qualify for a Paycheck Protection Program (“PPP”) second draw loan, the borrower must demonstrate that they...

PPP Update – New Rule Good News for Schedule C Filers

[vc_row][vc_column][vc_column_text]The US Small Business Administration (“SBA”) recognizes that many independent contractors and sole proprietors were not able to borrow sufficient funds because their net income,...

PPP Borrower Tax Relief Under New Act

Under the Coronavirus Response And Relief Supplemental Appropriations Act of 2021(the “Act”), passed last week by Congress and ultimately signed into law, PPP borrowers will...

Having Your Cake and Eating It Too: Using a Self-Cancelling Installment Note to Reduce Estate Tax

A number of our clients have asked us about making gifts to family members in order to avoid Federal Estate Tax upon the second death....

IRS Issues New Guidance On Treatment of PPP Loan Expenses

On November 18th, the Treasury released new guidance concerning the tax treatment of expenses paid with Paycheck Protection Program (PPP) loan funds. Newly issued Revenue...

PPP Update – SBA Issues New Simplified Forgiveness Application for Small Loans

On October 8, 2020, the Small Business Administration “(SBA”) provided a simpler forgiveness application for PPP loans of $50,000 or less. The key simplification is...

PPP Update – New SBA Notice Addresses Change of Ownership of PPP Borrowers

As the SBA gears up for borrowers to apply for forgiveness for their PPP loans, on October 2, 2020, they issued Procedural Notice 5000-20057 (“Notice”),...

MAJOR 2020 TAX ACT AFFECTS RETIREMENT AND ESTATE PLANNING

Here are major points of the new tax law concerning contributions to and distributions from retirement plans that are of most interest to our readers....

Stuck With An Irrevocable Trust You Don’t Like?

There are a number of ways an irrevocable trust can be modified without court approval. This article discusses two of them. They are a (i)...

Fraud Alert: Genetic Testing Scam

The U.S. Department of Health and Human Services Office of Inspector General is alerting the public about a fraud scheme involving genetic testing. Scammers are...