Tyler Jones

Understanding the Paycheck Protection Program Loan Forgiveness Application

Business, Coronavirus / COVID-19, Taxation

On a May 15, 2020, the Small Business Association (“SBA”) provided its first draft of the Paycheck Protection Program loan forgiveness application (“Loan Forgiveness Application”). Although there will be a great deal of work to do in order to unpack everything in the application from a legal and accounting perspective, it is helpful to take […]


Tyler Jones

Additional Cash Flow Relief for Businesses under the CARES ACT: Deferral of Social Security Tax Payments

Business, Coronavirus / COVID-19

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) gives the opportunity for (1) employers to potentially defer the deposit and payment of the employer’s share of Social Security taxes; and (2) self-employed individuals to potentially defer payment of certain self-employment taxes. This is a welcome relief to many businesses struggling to cover operating costs […]


Tyler Jones

199A Treasury Regulations

Taxation

IRS Issues Regulations on 20% Pass-Through Deduction On August 9, 2018, the IRS issued proposed Treasury Regulations to provide administrative guidance on one of the more drastic changes to the Internal Revenue Code contained in the Tax Cuts and Jobs Act, which was passed at the end of last year. Specifically, the newly proposed Treasury […]


Tyler Jones

Passport Revocation for Seriously Delinquent Tax Debt

Taxation

In 2015, Congress passed the Fixing America’s Surface Transportation (FAST) Act, which requires the State Department to deny an individual’s passport application and revoke or limit an individual’s passport if the IRS has certified to the State Department that the individual has a “seriously delinquent tax debt.” After several years of non-enforcement, the IRS appears […]