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MAY 28, 2020
 
 
 
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Tax News: Coronavirus Edition
With the growing spread of the Coronavirus (COVID-19) pandemic in recent weeks, many government agencies have taken steps to mitigate the impact on individuals and businesses. At The National Law Review, we're dedicated to making all of the latest legal news around this global health crisis available to tax professionals.  You can access Coronavirus-related updates on our Coronavirus News page updated hourly. 

Hourly and around the clock, the National Law Review's editors screen and classify breaking tax law news and analysis authored by recognized legal professionals and our own journalists. 

In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

There is no log in to access the database and new articles are added hourly.
 
 
 
 
 
The IRS has released a set of Frequently Asked Questions (FAQ) regarding the employee retention tax credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). One of the surprises contained in the FAQ is that if a company receives a Paycheck Protection Program (PPP) loan, then all companies that share common ownership will not be eligible for the employee retention credit. More on PPP Loan Retention Credit Here > 
 
 
 
 
 
The novel coronavirus (“COVID-19”) pandemic has significantly disrupted international travel. Such travel disruption could potentially impact the U.S. federal income tax treatment of affected individuals and the enterprises to which such individuals provide services. On April 21, 2020, the Treasury Department and the Internal Revenue Service (the “IRS”) issued helpful guidance providing relief to individuals and businesses affected by travel disruptions resulting from the COVID-19 pandemic.   More on IRS Travel Tax Relief Here > 
 
 
 
 
 
The Families First Coronavirus Relief Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) make two separate, but related, tax credits available to employers, including tax-exempt organizations, whose business is affected by the COVID-19 pandemic.
FFCRA Leave Credit. The FFCRA provides a tax credit to employers to cover the costs on a dollar-for-dollar basis of providing the FFCRA-required qualified sick leave and family leave wages. In addition, the tax credit includes health plan expenses paid by the employer in connection with the qualified leave wages.  More on COVID-19 Tax Credits Here > 
 
 
 
 
 
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On May 6, 2020, Senators Chuck Grassley (R. Iowa) and Ron Wyden (D. Ore.), the Chair and Ranking Member of the Senate Finance Committee, introduced the Small Business Expense Protection Act of 2020 which would reverse a recent Internal Revenue Service (“IRS”) Notice and permit deductions for expenses that relate to loan forgiveness under the Small Business Administration’s Paycheck Protection Program (the “PPP”). On May 8, 2020, a bipartisan group of Representatives introduced the Jumpstarting Our Businesses’ Success Credit Act (the “JOBS Credit Act”) which would expand the employee retention tax credit available under the Coronavirus Aid, Relief, and Economic Security Act.  This blog summarizes these bills.  More COVID-19 Tax Bills Here > 
 
 
 
 
 
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