By Matthew S. Adams, Matthew D. Lee and Christopher J. Pippett
The Small Business Administration (SBA) has opened the portal for applications for forgiveness of Paycheck Protection Program (PPP) loans established under the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The commencement of the loan forgiveness application process raises two important questions for…
By Matthew D. Lee and Marissa Koblitz Kingman
Shortly after the Small Business Administration began accepting applications for Paycheck Protection Program (PPP) loans, two Rhode Island businessmen quickly applied for a combined $543,881 from the program. A few days later, the Justice Department announced that both were criminally charged with conspiracy to make false statements
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On March 25, 2020, following the onset of the COVID-19 pandemic, the IRS unveiled its People First Initiative to provide wide-ranging compliance relief to taxpayers experiencing hardships relating to the health crisis. This relief includes issues ranging from postponing certain payments related to Installment Agreements and Offers-in-Compromise to collection and limiting certain enforcement actions. The…
Following up our post earlier today that the Tax Court will resume receiving mail on July 10, 2020, the Tax Court has issued another announcement regarding its operations. Also beginning on July 10, the Clerk’s Office will accept hand-delivered documents between the hours of 8:00 AM and 4:30 PM, Monday through Friday.
Please check out…
Due to the COVID-19 pandemic, operations of the United States Tax Court have been severely impacted. The Tax Court’s building in Washington, D.C. has been closed since March 19, 2020, all trial sessions have been cancelled through the end of June, and all Tax Court employees, including judges, have been working remotely.
Due to the…
Our colleague Jana Volante Walshak has published an article addressing the steps that businesses can take now to protect themselves against qui tam actions related to the CARES Act Paycheck Protection Program. Many organizations may have thought the “hard part” was over when they received loans under the Paycheck Protection Program. In reality, the hard…
Our colleagues Oksana Wright and Charles DeMonaco have published an article in Corporate Compliance Insights discussing management and corporate compliance measures for companies to prioritize during the uncertainty posed by COVID-19 pandemic. You can read their article here.
Please check out Fox Rothschild’s coronavirus resource page, which is available here.
For more up-to-date…
In response to the COVID-19 pandemic, the IRS has granted foreign financial institutions a number of extensions on Foreign Account Tax Compliance Act reporting obligations due in 2020.
First, the IRS granted any foreign financial institution with a FATCA compliance certification deadline of July 1, 2020, an automatic extension to December 15, 2020. See FAQ…
The Internal Revenue Service has published two Frequently Asked Questions about how taxpayers can seek release of tax levies and federal tax liens due to hardship circumstances caused by the COVID-19 pandemic. The FAQs can be found at the bottom of the IRS web page entitled “IRS Operations During COVID-19: Mission-critical functions continue,” which is…
Fox Rothschild attorneys Marissa Koblitz Kingman and Joseph A. DeMaria have published a client alert addressing the risks that state price gouging laws pose to retailers during states of emergency. You can read their alert here.
Please check out Fox Rothschild’s coronavirus resource page, which is available here.
For more up-to-date coverage from …
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