Author Archives: Nick Spoltore, Esq.

Studies show that remote workers are more productive than their counterparts at the office. Though this finding may have seemed counter-intuitive to some before the new pandemic related normal of working from home, many companies are now embracing it and contemplating the large-scale reduction of expenses. Much to the vexation of commercial landlords, office supply […]

By now, we have all heard the SBA has released the forgiveness application for those in receipt of PPP money. It’s SBA Form 3508. Along with the rules issued by the SBA on May 22, 2020, it contains some surprises. For instance, would you think businesses could pay employee bonuses with PPP money? Take off […]

As we are all aware, those currently receiving unemployment compensation are collecting an additional $600 weekly in benefits on top of their state’s weekly amount. These additional payments emanate from the COVID-19 pandemic relief legislation and will continue until July 31st. As a result, many recipients are collecting substantially more in unemployment benefits than wages if […]

It seems IRS has been issuing guidance of late at a rapid pace. The PPP loan program has attracted inordinate media attention. The goal of keeping American payrolls up and running has now been funded with two-thirds of a trillion dollars. Much has been written about viable, solvent, and even deep-pocketed entities collecting PPP dough […]

Perhaps no single topic has dominated the tax news of late more than the government’s extensive efforts to provide relief to small businesses devastated by the COVID-19 pandemic. The Paycheck Protection Program (PPP) provides up to 349 billion dollars to small businesses (with up to 500 employees) to primarily pay up to eight weeks of […]

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748, hereinafter “the Act”) was enacted into law on March 27, 2020. It contains many tax provisions which will impact your practice immediately. This post highlights the major tax law changes contained in the Act. QIP Fix As you know, Qualified Improvement Property should […]

Tax Day has been moved from April 15th to July 15th by Notice 2020-18 which issued on March 20, 2020. July 15th is the deadline for both filing returns and paying income tax. Contrary to a previous Notice, there is no limit on the amount that can be deferred to July 15th without interest or […]

On March 18, 2020, Notice 2020-17 issued and gave taxpayers more certainty as to filing and payment information for this season’s returns. As reported in my post of March 18, 2020, the filing deadline of April 15th remains in place. The payment deadline is extended to July 15th (which is 91 days from April 15th, […]

Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020 that the payment deadline would be extended 90 days from April 15, 2020. His comments did not alter the Form 1040 filing deadline of April 15, 2020. Individuals can defer up to $1M, and corporations are able to defer up to $10M […]

The IRS recently announced it was expanding aid to taxpayers indebted to federal or private student loans for attendance at both non-profit and for-profit schools. Rev Proc 2020-11 issued January 15, 2020, and it provides safe harbor relief against income recognition after loan discharge for the following three specific situations. Any taxpayer whose private student […]