The Beggs & Lane Blog
CARES Act – Net Operating Losses
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) to provide relief for the acute economic fallout from the coronavirus (COVID-19) pandemic. The CARES Act, among other things, aims to provide significant aid to businesses and employees. One of the key business tax provisions relates to the operating losses for corporations and partnerships. Corporate Net Operating Losses - Limitations and Carrybacks. · Prior to the enactment of the CARES Act, corporate net operating loss (“NOL”) carryforwards were deductible only to the extent of 80% of taxable income, and NOLs generally could not be [...]
UPDATED Families First Coronavirus Response Act
Families First Coronavirus Response Act Emergency Paid Sick Leave Act and the Family and Medical Leave Expansion Act Last Updated: April 7, 2020 Summary: Starting for any leave on or after April 1, 2020, Employers with fewer than 500 employees are required to provide paid, protected leave to employees who are unable to work, whether at the workplace or remotely, as follows: Employees who need leave from work for the following reasons related to the Coronavirus are entitled to up to 2 weeks of 100% paid leave that is in addition to whatever other leave they may have accrued: Subject to a government [...]
Paycheck Protection Program (CARES Act)
Paycheck Protection Program Part of the CARES ACT (Coronavirus Aid, Relief, and Economic Security Act) Enacted Friday, March 27, 2020 Last Updated: April 7, 2020 Summary: Private lenders are offering Small Business Administration (SBA) low interest loans requiring no collateral, no personal guarantees, 6 month to 1 year payment deferrals, and substantial loan forgiveness, which makes the loans wholly or partially “free money” in a sense. The program is funded with 350 Billion Dollars offered on a first come, first serve basis. The last date for loans is June 30, 2020, but the money may be gone before the end of June. Who is [...]
Employee Retention Credit
The IRS has provided advice for employers on how to claim an employee retention credit on quarterly Form 941 under the coronavirus stimulus legislation. The refundable tax credit is equal to 50% of qualified wages paid to employees after March 12, 2020, and before January 1, 2021. If an employer paid any qualified wages between March 13, 2020, and March 31, 2020, inclusive, include 50% of those wages together with 50% of any qualified wages paid during the second quarter of 2020 on the second quarter Form 941, 941-SS, or 941-PR to claim the employee retention credit, the IRS stated. [...]
Families First Coronavirus Response Act (the “Families First Act”)
On Wednesday, March 18, 2020, Congress enacted a law that applies to most employers with fewer than 500 employees requiring paid, protected leave time for employees needing time off for specific reasons related to the coronavirus pandemic. This law is called the Families First Coronavirus Response Act (the “Families First Act”). The following Q&A on the paid leave provisions of the Families First Act. There is still some uncertainty with such a brand new law, so this preliminary review may be subject to change. Q: Does this law apply to my company? Generally, this law applies to employers with fewer [...]
Beggs & Lane Seeks Justice For America’s Longest Held Hostage
Robert Levinson is America’s longest held hostage. He has been held by the Iranian government for almost 13 years. Iran has held Mr. Levinson incommunicado during that time, allowing no contact with his family or anyone outside of his jailers. Iranian officials have publicly denied any knowledge of Mr. Levinson’s whereabouts while simultaneously engaging in secret negotiations in which they sought to extort concessions from the United States in return for Mr. Levinson’s release. Beggs & Lane has brought suit against the Islamic Republic of Iran under the Foreign Sovereign Immunities Act (FSIA), 28 U.S.C. § 1605A, on behalf of [...]