On September 15, 2021, the House Ways and Means Committee approved tax increase provisions Congress will review as a part of the Build Back Better reconciliation legislation. These changes, if enacted, would require real estate and construction businesses to reset some of their key traditional tax...
Read MoreOhio investors will soon have another opportunity to apply for Ohio Opportunity Zone Tax Credits. The program has $23 million available in tax credit allocation for its 2021 application round and opens January 8, 2021, at 10 a.m. through January 31, 2021, until 11:59 p.m. Similar to the federal...
Read MoreParticipants in the Qualified Opportunity (QO) Zone Program were provided with much needed relief on June 4, 2020, when Treasury issued Notice 2020-39. This notice clarifies relief provided under Section 7508A for QO Zone Funds and their investors in response to the COVID-19 pandemic, and addresses...
Read MoreThe Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers who wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14,...
Read MoreOn the heels of the announcement regarding the Interim Stimulus Plan — which amends the CARES Act and offers more funding for both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program — the SBA issued new guidance on April 24, 2020, clarifying certain aspects of the...
Read More>> Read "CARES Act Offers 14 Areas of Potential Tax Relief for Taxpayers" While the Paycheck Protection Program included in the CARES Act is geared toward loan forgiveness for small businesses, there are also alternative standards that may allow companies with more than 500 eligible employees to...
Read MoreApplicants for the Small Business Association’s (SBA) Economic Injury Disaster Loan Program (7(b)(2)), related to disruptions caused by COVID-19, have to look at certain areas of the business to determine if they are a “small business concern” eligible for this program. Below is an overview and...
Read More** This blog was updated on 4/6/20 as a result of changes made by the CARES Act ** The SBA Economic Injury Disaster Loan (EIDL), or 7(b)(2) loan, offers relief for qualifying small businesses of up to $2 million with up to 30 years to repay the debt and is focused on helping small businesses...
Read MoreOn December 19, 2019, the IRS and the U.S. Department of the Treasury released the final regulations on investing in Qualified Opportunity (QO) Funds. The 544-pages of regulations address many areas, just a few of which are listed below: Taxpayers can invest the entire amount of Section 1231...
Read MoreOn April 17, 2019, the Department of Treasury issued the second set of proposed regulations regarding the Qualified Opportunity (QO) Zone Program. This long-awaited guidance further clarifies how to comply with the program and how to make it over some of the hurdles associated with structuring...
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