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Tax Controversy Insights

Prospects For a 4th Phase of Federal Stimulus & Relief in Response to the COVID-19 Crisis

Congressional Schedule and Prospects   As summarized in past True Alerts (Tax Issues Addressed by COVID-19 Emergency Legislation; Congressional Action on the COVID-19 Pandemic: The CARES Act), Congress has passed several major pieces of legislation to provide economic relief to the US economy and US taxpayers from the impact of the COVID-19 crisis.  Immediately after completing action on the Coronavirus Aid, Relief & Economic Security Act (“CARES Act”), the attention […]

July 15, 2020

IRS Guidance on Expenses Paid with PPP Loans

On April 30, 2020, the Internal Revenue Service (IRS) issued Notice 2020-32 (Notice) which claims that expenses will be nondeductible if paid using loan proceeds that are later forgiven under the Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  Background The PPP was established as a low-interest emergency loan program to enable employers to retain employees and cover overhead costs along with the […]

June 12, 2020

The Paycheck Protection Program Flexibility Act & Treasury/IRS Guidance in Response to COVID-19

Congressional Action to Date In response to the COVID-19 crisis, government officials in Washington DC have taken a number of actions related to the economic effects of the crisis including legislation, regulatory action, and government agency action. Three pieces of legislation have been enacted thus far, including the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which included several taxpayer-favorable changes to current tax laws to address the economic […]

June 12, 2020