Page 52 - Internal Revenue Code Section News Today

To embed, copy and paste the code into your website or blog: On December 27, 2020, the Consolidated Appropriations Act, 2021 (“the Act”), was signed into law.  The new law both funded the U.S. government for the remainder of FY 2021 and made available a wide range of COVID-19 relief support, including The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Economic Aid Act”). The Act reopens the Small Business Administration’s (“SBA”) Paycheck Protection Progra...

To embed, copy and paste the code into your website or blog: The President signed new stimulus legislation into law on December 27, 2020.  The new law, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260 (“Economic Aid Act”), authorizes new and additional PPP loans and modifies the CARES Act for this purpose. The Economic Aid Act authorizes funds of $284.5 billion for PPP loans, and which includes $35 billion for first-time borrowers.  The United State...

The Taxpayer Certainty and Disaster Tax Relief Act, recently passed as part of the “Consolidated Appropriations Act, 2021,” has significantly extended the tax exclusions for...

Thursday, January 7, 2021 On November 24, 2020, the Securities and Exchange Commission (“SEC”) proposed amendments to Rule 701 and Form S-8 (the “Proposals”) under the Securities Act of 1933, as amended (the “Securities Act”). The Proposals are intended to (1) facilitate the ability of companies that are not required to file reports with the SEC to issue securities to compensate certain service providers, and (2) simplify the existing registration processes for compensat...

New Law Requires Disclosure of Beneficial Owners of Companies There’s historically been no requirement to provide information to the federal government concerning the ownership of a company or other similar entity formed under local state law. Many lawyers, accountants, trust officers and financial advisors in the United States may be unaware that buried deep in the National Defense Authorization Act for Fiscal Year 2021 (the Defense Bill), which became law on Jan. 1, 2021, was a new la...

The recently passed Consolidated Appropriations Act, providing additional COVID pandemic relief, also includes important extensions for renewable energy tax credits.

To embed, copy and paste the code into your website or blog: The long-awaited stimulus relief bill has officially been enacted. On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (Bill), several months after aid had lapsed for many individuals and businesses from the first stimulus bill passed early-on in the COVID-19 pandemic. Congress came together to push through a 5,593 page, $900 billion stimulus package intended to help those individuals and businesses who continu...

To embed, copy and paste the code into your website or blog: On December 27, 2020, following an unexpected delay, President Donald Trump signed stimulus legislation that legislatively overruled the IRS’s position that expenses funded with forgiven Paycheck Protection Program (“PPP”) loans were not deductible. The new legislation, known simply as the Consolidated Appropriations Act, 2021 (the “Act”), also expands the scope of the PPP program and enhances other benefits created in the o...

To embed, copy and paste the code into your website or blog: On November 24, 2020, the U.S. Securities and Exchange Commission (SEC) proposed amendments to Rule 701 and Form S-8.[1] In a companion release, the SEC also proposed amendments to Rule 701 and Form S-8 to permit, on a temporary basis and subject to certain conditions, a company to provide equity compensation to certain “platform workers” who provide services available through a company’s technology-based marketplace platform.[2...

Public companies that sponsor nonqualified deferred compensation plans that require Internal Revenue Code Section 162(m) payment delays may want to consider whether removing the payment...