SBA and Treasury Announce Reopening of PPP and Provide Application Forms
Late Friday evening, January 8, the SBA and the Treasury announced that the Paycheck Protection Program (PPP) will re-open the week of January 11 for…
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Guidance for Second Round of PPP Released by SBA, Treasury
This week, the SBA and Treasury issued two interim final rules and a three-page document providing further guidance for the second round of PPP. The…
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New Portland Area Income Taxes Implemented
Portland, Oregon area voters approved two ballot measures imposing a new business profits tax and two high earner taxes in 2020. The new taxes took…
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IRS Issues Revenue Ruling 2021-02 Allowing Deductions for Expenses Tied to Forgiven PPP Loans
Today, the Treasury and IRS issue formal guidance in Revenue Ruling 2021-02 https://www.irs.gov/pub/irs-drop/rr-21-02.pdf allowing tax deductions for eligible expenses tied to forgiven PPP loans, revoking last…
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State Action Uncertainty on Covid-Relief Act PPP Loan Forgiveness & Expense Deductibility Creates Risk
I reported last week that the Covid-relief bill contained a provision that allowed business owners to deduct expenses paid for with PPP loans proceeds, which…
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Imposition of Seattle Payroll Tax Set to Begin in 2021
The State of Washington does not have a corporate income tax. However, Seattle has enacted a payroll expense tax, with imposition of the tax beginning…
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Restaurant Sector Gets Badly Needed Help from the COVID-Relief Legislation
More than 110,000 restaurants have closed permanently or long-term across the country as the industry grapples with the devastating impact of the Covid-19 pandemic. And…
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Covid-19 Emergency Relief Package: Second Round of PPP and Deductibility of Expenses Paid for by Loan Proceeds
After months of difficult, partisan discussions, Congress has agreed to the next Covid-19 economic relief package. At the time of this writing, the bill text…
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Types of Taxes Imposed on Cannabis, and Compliance Requirements of Various Entities
There are different kinds of state taxes imposed on cannabis, including sales and use taxes and excise taxes. In addition, cannabis businesses, like producers, distributors,…
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State Adoption of MTC Partnership Representative Provisions
Under new federal partnership audit rules, partnerships must designate a representative. That person has sole authority to act on behalf of the partnership under the…
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