On May 15, 2020, the Small Business Administration (SBA) issued a loan forgiveness application providing instructions for borrowers seeking information on how to more definitively calculate PPP loan forgiveness. On…
Archives for May 2020
CFPB Amends Remittance Rule Exempting More Financial Institutions and Offering Greater Disclosure Flexibility
The disclosure threshold for financial institutions is now increased for international money transfers, which exempts a greater number of institutions from the rule. Additionally, impacted banks and credit unions now…
Payroll Guide to COVID-19 Tax Relief
Editor’s note: For a comprehensive guide to all four pandemic relief acts, download the COVID-19 Relief Summary for Employers, which tracks the evolution of certain provisions and introduces new benefits….
IRS Issues Proposed Regulations to Clarify Treatment of Excess Deductions on Termination of an Estate or Trust
While the Tax Cuts and Jobs Act of 2017 eliminated many personal itemized deductions, the IRS subsequently clarified that expenses unique to an estate or non-grantor trust would still be…
COVID-19 Notification and Reporting Requirements for Nursing Homes
Nursing homes now have clearer guidance on how to report and notify residents, families and staff around the presence of COVID-19 in their facilities. On May 8, 2020, the Centers…