In the weeks since the enactment of the CARES Act and implementation of the Paycheck Protection Program – a forgivable loan program designed to assist small businesses to retain employees – many questions have been raised regarding the resulting tax consequences and implications to small businesses participating in the program.
Following the issuance of Governor Pritzker’s March 20, 2020, “Stay at Home” Executive Order (“Order”) [include link here to Order No. 2020-10], individuals and companies with real estate closings in the pipeline suddenly, and quite justifiably, panicked: “Does this mean we can’t close our deal?” For now, the answer is yes, you can still close your deal, with precautions, good planning and an abundance of patience.
Question: With the recent stock market decline, does it make sense for me to sell stocks that have decreased in value to create losses for tax purposes and then buy back the same positions?
For the prolific sales rep victimized by the withholding of commissions due, few moves will command greater attention from the principal than exercising the lawful self-help remedy of grabbing those unpaid commission dollars, then pursuing litigation.
President Trump signed the $484 Billion stimulus bill, adding additional relief for small businesses and healthcare. This stimulus package includes $310 Billion in additional funding for Paycheck Protection Program (“PPP”) loans. The funds are expected to be absorbed far more quickly than the 13 days of the initial PPP funding.
The COVID-19 pandemic has placed enormous strain on employers tasked with maintaining the viability of their businesses while also complying with their legal obligations to employees under the increasingly complex employment law framework.
California has recently enacted a number of new laws that can affect businesses throughout the country, including manufacturers and sales representatives. This multi-part article focuses on two of them: California Assembly Bill 5 (“AB5”), which provides a test to determine if a worker/service provider is an independent contractor or employee, and “Proposition 65,” which addresses environmental and health-related concerns about products sold in California.
The COVID-19 pandemic has placed enormous strain on employers tasked with maintaining the viability of their businesses while also complying with their legal obligations to employees under the increasingly complex employment law framework.
Earlier this week, we shared that the Small Business Administration (“SBA”) will begin accepting Paycheck Protection Program loan applications starting tomorrow, April 3…
Question: Any suggestions on how to deal with the new rules on accelerated distributions for inherited IRAs?