In a recent webinar, Peter Stathopoulos, leader of Bennet Thrasher’s State & Local Tax practice and the firm’s Entertainment practice, breaks down the many expenses production companies could experience due to COVID-19. These expenses include shut down, interim holding and restart costs. As production companies strategize the most effective ways to tackle these expenses, they are looking to individual states to issue legislation and provide production incentives.
On June 22, 2020, the Small Business Administration (SBA) issued a new Interim Final Rule to revise previous guidance released concerning PPP loan forgiveness and loan review procedures, officially updating the language of the PPP’s Final Rules to include the changes made by the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act). The new guidance mostly updates the rules for changes we already knew about but also provides answers to several questions that had been troubling borrowers.
LODGING Magazine recently published an article by Trey Webb, Partner in Bennett Thrasher’s Tax practice, that shares five steps hoteliers must take to keep their properties afloat as they wait for the coronavirus impacts to subside.
Although the major majority (92 percent) of tax returns are filed electronically, the IRS is seeking full conversion to e-filing. Two sections of The Taxpayer First Act of 2019 (TFA) extend that mandate by requiring more businesses, partnerships and nonprofit organizations to e-file.
LEA Global welcomes Anthony (Tony) Szczepaniak as Chief Executive Officer (CEO). Szczepaniak will lead the strategic direction and day-to-day operations of the international accounting association, focusing on membership best practices, cohesiveness, collaboration and growth.
As the coronavirus (COVID-19) pandemic continues to rattle financial markets and the broader global economy, it also has added even greater uncertainty around fair value measurements, a financial reporting requirement that many businesses have long found challenging.
On June 16, 2020 the Small Business Administration (SBA) released a revised PPP Loan Forgiveness Application, unveiled a new simplified version of the application that requires fewer calculations and documentation, and issued new guidance to reflect changes made by the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act). The applications and guidance clarify what compensation is eligible for loan forgiveness and ease concerns for businesses trying to use PPP loans and have them fully forgiven.
On June 3, 2020, the Senate unanimously passed the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”), which was enacted on June 5, 2020. In a nearly unanimous vote, the House approved the bill on May 28 with only one representative casting a dissenting vote. The bi-partisan legislation makes extensive changes to the Small Business Administration’s Paycheck Protection Program (PPP) by providing employers with more flexibility and time to use PPP funds and still qualify for loan forgiveness.
Business Insider recently spoke with Torie Barry, a partner in Bennett Thrasher’s Tax practice, about ways companies can benefit from providing their employees with childcare options during the coronavirus pandemic. She explained how offering this service is not only a great retention tool as it shows a company is willing to invest in its employees, but it also comes with tax benefits.
As businesses are struggling to navigate the SBA Paycheck Protection Program (PPP), Mission Local sought out Stephen Klein, Managing Director of Bennett Thrasher’s Bankruptcy & Restructuring practice, for his insight on the program. While PPP loans are intended to be used to pay employees and other overhead costs during the coronavirus pandemic, business owners are weary about the forgiveness process and how they should navigate repayment versus forgiveness.
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