April 27, 2022
The Kentucky General Assembly recently voted to override Governor Andy Beshear’s veto of House Bill 8 (HB 8) which expands the scope of services subject to the Kentucky sales and use tax to a broad range of additional services provided to businesses and consumers in the state.
In 2018, the Kentucky General Assembly passed legislation expanding the scope of the Kentucky sales tax to certain…
October 6, 2020
Transactions involving changing the ownership of borrowers with outstanding Paycheck Protection Program (PPP) loans will be subject to new requirements under a procedural notice (Notice) issued by the Small Business Administration (SBA) on October 2, 2020.1 The Notice addresses the circumstances under which lenders may approve a change of ownership, when and how SBA approval must be obtained, and…
August 31, 2020
Recent IRS proposed regulations outline new accounting method procedures for businesses who want to use the cash method for accounting and how they can qualify to do so under expanded statutory requirements.
The IRS recently issued proposed regulations to implement changes made to the permissible accounting method used by small businesses under the Tax Cuts and Jobs Act of 2017 (“TCJA”). While…
May 15, 2020
Electric cooperatives that are tax exempt under 501(c)(12) of the Internal Revenue Code (Code) are considered business entities organized for profit and therefore eligible for loans under the Paycheck Protection Program (PPP) as long as other eligibility requirements are met.
The Treasury Department published its Eleventh interim final rule: “Business Loan Program Temporary Changes; Paycheck…
May 1, 2020
The IRS released Notice 2020-32 addressing expenses paid with PPP loan proceeds which are subsequently forgiven. The CARES Act exempts the forgiveness of the PPP loan proceeds from federal taxable income. There had been some question as to whether the expenses paid which gave rise to the forgiveness would be allowable as deductions for federal income tax purposes. The question arose from IRC…
April 21, 2020
The Senate approved $483 billion for the Paycheck Protection Program offered through the SBA, and the House is expected to vote later this week. Any application denied because of lack of funds or not submitted, should be resubmitted immediately. Note, some banks are still processing first round loan applications, so if you had not heard anything from your bank, you should confirm your application…
April 7, 2020
The Treasury Department has just issued additional guidance on the Paycheck Protection Program (PPP) loans. The entire FAQs are available here. The inclusion of benefits in the $100,000 compensation cap has been the source of many questions. The Q&A on this issue appears below for ease of reference.
Question: The CARES Act excludes from the definition of payroll costs any employee compensation in…
April 3, 2020
The Treasury Department and Small Business Administration last night issued an interim final rule on the Paycheck Protection Program. The new rule includes updates on the applicable interest rate and documentation and due diligence requirements. The SBA released an updated application.
Here is the final SBA Form 2483, which will be completed by the borrower and retained by the lender with the…
April 1, 2020
The Paycheck Protection Program(“PPP”) in the CARE Act authorizes up to $349 billion dollars in forgivable loans. What do you really need to know to be a lender or a successful borrower under the PPP? Jackson Kelly’s lawyers have been sorting through the guidelines and available information and layering on years of experience in representing business to help guide our clients through the CARE…
March 23, 2020
Your business was shut down over night for at least two weeks if not longer. What should you do to help preserve cash flow and help keep the doors open post coronavirus shut down?
Here are a couple of suggestions. Note, with regard to employees and paths taken, please refer to recent articles from Justin Harrison that address a number employee issues.
First, if you have loans, talk to your bank.…
January 7, 2016
The increase in usage of limited liability companies (“LLCs”) as the business form of choice has led to changes in the IRS statutes concerning audits of LLCs. On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (“BBA”) into law. The BBA brings drastic changes to the audit process of partnerships which will allow the IRS greater enforcement and collection authority in…
April 27, 2022
The Kentucky General Assembly recently voted to override Governor Andy Beshear’s veto of House Bill 8 (HB 8) which expands the scope of services subject to the Kentucky sales and use tax to a broad range of additional services provided to businesses and consumers in the state.
In 2018, the Kentucky General Assembly passed legislation expanding the scope of the Kentucky sales tax to certain…
October 6, 2020
Transactions involving changing the ownership of borrowers with outstanding Paycheck Protection Program (PPP) loans will be subject to new requirements under a procedural notice (Notice) issued by the Small Business Administration (SBA) on October 2, 2020.1 The Notice addresses the circumstances under which lenders may approve a change of ownership, when and how SBA approval must be obtained, and…
August 31, 2020
Recent IRS proposed regulations outline new accounting method procedures for businesses who want to use the cash method for accounting and how they can qualify to do so under expanded statutory requirements.
The IRS recently issued proposed regulations to implement changes made to the permissible accounting method used by small businesses under the Tax Cuts and Jobs Act of 2017 (“TCJA”). While…
May 15, 2020
Electric cooperatives that are tax exempt under 501(c)(12) of the Internal Revenue Code (Code) are considered business entities organized for profit and therefore eligible for loans under the Paycheck Protection Program (PPP) as long as other eligibility requirements are met.
The Treasury Department published its Eleventh interim final rule: “Business Loan Program Temporary Changes; Paycheck…
May 1, 2020
The IRS released Notice 2020-32 addressing expenses paid with PPP loan proceeds which are subsequently forgiven. The CARES Act exempts the forgiveness of the PPP loan proceeds from federal taxable income. There had been some question as to whether the expenses paid which gave rise to the forgiveness would be allowable as deductions for federal income tax purposes. The question arose from IRC…
April 21, 2020
The Senate approved $483 billion for the Paycheck Protection Program offered through the SBA, and the House is expected to vote later this week. Any application denied because of lack of funds or not submitted, should be resubmitted immediately. Note, some banks are still processing first round loan applications, so if you had not heard anything from your bank, you should confirm your application…
April 7, 2020
The Treasury Department has just issued additional guidance on the Paycheck Protection Program (PPP) loans. The entire FAQs are available here. The inclusion of benefits in the $100,000 compensation cap has been the source of many questions. The Q&A on this issue appears below for ease of reference.
Question: The CARES Act excludes from the definition of payroll costs any employee compensation in…
April 3, 2020
The Treasury Department and Small Business Administration last night issued an interim final rule on the Paycheck Protection Program. The new rule includes updates on the applicable interest rate and documentation and due diligence requirements. The SBA released an updated application.
Here is the final SBA Form 2483, which will be completed by the borrower and retained by the lender with the…
April 1, 2020
The Paycheck Protection Program(“PPP”) in the CARE Act authorizes up to $349 billion dollars in forgivable loans. What do you really need to know to be a lender or a successful borrower under the PPP? Jackson Kelly’s lawyers have been sorting through the guidelines and available information and layering on years of experience in representing business to help guide our clients through the CARE…
March 23, 2020
Your business was shut down over night for at least two weeks if not longer. What should you do to help preserve cash flow and help keep the doors open post coronavirus shut down?
Here are a couple of suggestions. Note, with regard to employees and paths taken, please refer to recent articles from Justin Harrison that address a number employee issues.
First, if you have loans, talk to your bank.…
January 7, 2016
The increase in usage of limited liability companies (“LLCs”) as the business form of choice has led to changes in the IRS statutes concerning audits of LLCs. On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (“BBA”) into law. The BBA brings drastic changes to the audit process of partnerships which will allow the IRS greater enforcement and collection authority in…
