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  • 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.

  • No Partner/S-Corp Shareholder SALT Deduction Limit on Entity Income Taxes

    The Internal Revenue Service has announced that it will be issuing proposed regulations clarifying that certain state or local income taxes imposed on and paid by a partnership and/or an S corporation will not be subject to the $10,000 limit on state and local taxes. Specifically, in Notice 2020-75, the IRS announced that it intends to issue proposed regulation to clarify that state and local income taxes imposed on and paid by a partnership or an S corporation are allowed as a deduction by the partnership or S corporation in computing non-separately stated taxable income or loss for the taxable year of payment.

  • 53 McGlinchey Practice Areas recognized in U.S. News – Best Lawyers® 2021 “Best Law Firms”

    McGlinchey Stafford PLLC is pleased to announce three national practice group rankings and 50 metropolitan practice area rankings (up from 47 in 2020) in the 2021 edition of U.S. News – Best Lawyers® “Best Law Firms.” The firm received a National Tier 2 ranking in Financial Services Regulation Law, as well as National Tier 3More

  • IRS Announces Form 1099-C Not Required for PPP Loan Forgiveness

    IRS Announcement 2020-12 notifies lenders that they should not file IRS Form 1099-C with the IRS or furnish it to borrowers to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP).

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