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Posts from December 2020.
By Scott Meacham on December 23, 2020

On December 21, 2020, the U.S. Congress passed an appropriations bill which continues the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) program, and provides other forms of assistance for small businesses impacted by Covid-19.

By Nicholas Taylor on December 21, 2020

In a move sure to further strain the relationship between landlords and tenants in the COVID-19 era, it has now been reported that the New York State Senate is close to finalizing a bill enacting a blanket moratorium on evictions for an indefinite period, after the expiration of the current protections at the end of this month. State Senator Brian Kavanagh has stated, “It’s important we put a blanket moratorium in place that prevents all residential evictions. At a time when we are curtailing so many activities, we certainly shouldn’t be letting eviction marshals come to people’s homes and forcibly remove them.”

By Pia Perfetto on December 1, 2020

The U.S. Treasury Department and Internal Revenue Service (“IRS”) released guidance which reiterates and clarifies the tax treatment of expenses where a PPP loan has not been forgiven by the end of the year the loan was received. Taxpayers cannot claim a deduction for any deductible expense if the payment of the expense results in forgiveness of a PPP loan because the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) specifically excludes income associated with the loan forgiveness.

By Pia Perfetto on December 1, 2020

Individuals suffering financially during the current COVID-19 pandemic can avoid tax penalties by accessing their retirement savings. Typically, taxpayers who withdraw funds from a standard retirement account before age 59½ are subject to a 10% additional tax for early withdrawal, barring other qualifying circumstances. To financially survive the pandemic’s impact, the Coronavirus Aid, Relief, and Economic Security (CARES) Act permits taxpayers to make early withdrawals in 2020, which will not be subject to the 10% additional tax under Sec. 72(t) or the 25% additional tax on SIMPLE IRAs under Sec. 72(t)(6) if certain conditions are satisfied.

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