Tax Law News and Insights

Proposed Permanent Extension And Expansion Of New Markets Tax Credit Program

Published: Jun 29, 2020
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On June 22, 2020, the U.S. House of Representatives unveiled H.R. 2, the Moving Forward Act, an expansive $1.5 trillion infrastructure bill, proposing an increase in federal funding across a variety of sectors, including improvements to roads and bridges, municipal broadband internet, affordable housing, green energy, and rail. The Moving Forward...

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IRS Provides Some Relief To Offset COVID-19 Related Travel Restrictions

Published: Jun 29, 2020
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Relief on Substantial Presence and Treaty Day-Count Tests. On May 30th, the IRS issued Revenue Procedure 2020-20 which provides non-U.S. individuals present in the U.S. some limited relief from the day-count tests for U.S. tax residency and for eligibility for certain treaty benefits. The relief comes in the form of...

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Effect Of “Forgiven” PPP Loan On The Deductibility Of Covered Expenses

Published: Jun 23, 2020
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One of the principal benefits of the Paycheck Protection Program (“PPP”) is that the principal and interest from any loan forgiven is not includable in a taxpayer's gross income. In what has developed into a major controversy, the Internal Revenue Service (“IRS”) issued Notice 2020-32 on April 30, 2020, and concluded that...

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