The recently introduced and much-anticipated stimulus Bill titled The Consolidated Appropriations Act, 2021 (the Act) has been passed by the Senate and the House of Representatives and is now awaiting signature from the President.
Connecticut Governor Ned Lamont had previously signed into law the Paid Family and Medical Leave Act (PFMLA).
While organizations continue to adapt their operating practices during the ongoing pandemic and associated recession, it is clear that some of the challenges executives and Boards face are, in fact, significant risks that could result in reputational damage, regulatory compliance failures, fraud as well as financial loss.
The U.S. Small Business Administration (SBA) announced last week that it will be issuing Loan Necessity Questionnaires to Paycheck Protection Program (PPP) Borrowers that, together with their affiliates, received PPP loans with an original principal amount of $2 million or more.
As the year 2020 comes to a close, partnerships should be prepared for some major adjustments regarding certain tax reporting requirements.
Whether an individual is properly classified as an employee or as an independent contractor has always been important, but never more critical than today.
Since the Paycheck Protection Program (PPP) was first introduced, borrowers were advised that they cannot double-dip, or be reimbursed for the same expense twice.
Finance Memorandum 20-6 issued by the New York City Department of Finance sets forth that NYC’s Business Corporation Tax (BCT), General Corporation Tax (GCT), Unincorporated Business Tax (UBT), and Banking Corporation Tax (BTX) are decoupled from CARES Act Amendments to IRC §163(j), IRC §172 and IRC §461(l). Our prior article, here, discussed how NYS and NYC had decoupled from certain CARES Act tax provisions.