Corporate and M&A

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  • Pitfalls of PPP Loan Forgiveness

    Businesses are now eligible to apply for forgiveness of loans received through the federal Paycheck Protection Program (PPP) established under the CARES Act. PPP loan recipients should be thoughtful in responding to information requested by lenders and the Small Business Administration.

  • What Does the Corporate Transparency Act Mean for Businesses and Incorporators?

    With a New Year’s day vote, the Senate has overridden President Trump’s veto of the National Defense Authorization Act. The House voted on Monday, December 29 to override the veto. Now, businesses and incorporators will be faced with the Corporate Transparency Act (CTA), which is contained within the National Defense Authorization Act and is designed to combat illegal activities conducted through anonymous shell companies by requiring the reporting of the identity of the “beneficial owners” of companies.

  • Winners and Losers in Like-Kind Exchange Final Regulations

    The Treasury Department and the IRS received 21 written comments in response to the like-kind exchange proposed regulations (see our earlier alert). The recently issued final IRS like-kind exchange regulations adopt some comments (Winners), reject some comments (Losers), and do not consider some comments because they are beyond the scope of the regulation project (Punts).

  • Can I Deduct Expenses Paid with a PPP Loan?

    In recently released Revenue Ruling 2020-27, the IRS addressed the following two fact patterns. As set forth in the two fact patterns, the IRS has now ruled that no deduction is allowed in either situation because each taxpayer reasonably expects that she will be reimbursed (via forgiveness of the PPP loan) for the Covered Expenses paid or incurred. The fact that one taxpayer will not file her application for loan forgiveness until 2021 is irrelevant.

  • What Does UCRERA Mean For Creditors?

    Nine states, including Florida, have passed the Uniform Commercial Real Estate Receivership Act, what's called the UCRERA. Members of our Business and Real Estate practice groups Manuel Farach and Marshall Grodner discuss what this means for creditors, especially in a time when lending and credit are so uncertain.

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