As state revenue agencies train their auditors in traditional IRC §482 transfer-pricing methodologies or outsource transfer-pricing audits to third-party specialists, a recent initiative by the Indiana Department of Revenue follows another, alternative federal transfer-pricing compliance tool: advance pricing agreements (APAs).
Contacts:
Adam P. Beckerink
,
Thomas V. Linguanti
,
Matthew S. Mock
,
C. Terrell Ussing
As we discussed in a prior LawFlash, US President Donald Trump signed four executive actions that purportedly extend various aid measures for individuals impacted by the coronavirus (COVID-19) pandemic on August 8.
Contacts:
Eamonn K. Moran
,
Martin Hirschprung
The CARES Act’s Paycheck Protection Program provides loans targeted to small businesses to help keep their workers employed during the coronavirus (COVID-19) pandemic, and offers loan forgiveness to borrowers maintaining a high percentage of employees on payroll. This LawFlash provides the latest developments in PPP loan availability, eligibility, and forgiveness, as well as a comprehensive overview of the PPP and related guidance.
Contacts:
Andrew T. Budreika
,
Benjamin W. Stango
,
Shah M. Nizami
,
Brittany H. Leon
The Paycheck Protection Program and other government loan programs implemented in response to the coronavirus (COVID-19) pandemic have a variety of implications on pending and potential M&A transactions. This White Paper provides an overview of considerations that stakeholders in a transaction should consider in structuring, negotiating, and executing a deal involving a PPP loan.
Contacts:
Andrew T. Budreika
,
Andrew P. Rocks
,
Jacquelynne M. Hamilton
,
Margaret Erin Rodgers Schmidt
,
Mehar Jagota
,
Benjamin W. Stango
,
Matthew Edward Schernecke
,
Eric Tajcher
,
Robert W. Dickey
,
Crystal Fang
,
Gitte J. Blanchet
,
Julia Frost-Davies
,
Sandra J. Vrejan
,
Steven L. Miller
,
Sheila A. Armstrong
,
Stephen E. Ruscus
The Internal Revenue Service (IRS) recently released new guidance in IRS Notice 2020-50 and Notice 2020-51 to help owners and beneficiaries of individual retirement accounts and individual retirement annuities (IRAs) and IRA providers navigate the relief provided under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Contacts:
Vivian S. McCardell
,
Sariyah S. Buchanan
Charged with administering new payroll tax relief programs created by the FFCRA and CARES Act, the IRS recently released a redesigned version of Form 941 (Employer Quarterly Tax Return) through which employers can now claim entitlement to FFCRA qualified sick/family leave tax credits, CARES employee retention credits, and CARES payroll tax deferrals.
Contacts:
Mary B. Hevener
,
Steven P. Johnson
,
Jonathan Zimmerman
The Internal Revenue Service recently published additional guidance on the coronavirus-related distributions and loans provisions of Section 2202 of the CARES Act. Notice 2020-50 is intended to assist employers and plan administrators, trustees and custodians, and qualified individuals in applying Section 2202 to take advantage of greater access to plan distributions and plan loans.
Contacts:
Matthew H. Hawes
,
R. Randall Tracht
,
Michael Gorman
,
Samantha Kapnek
The Small Business Administration on April 24 issued an update to an interim final rule, crystalizing its view that applicants that have sought protection under the US Bankruptcy Code are not qualified borrowers under the Paycheck Protection Program.
Contacts:
Rachel Jaffe Mauceri
,
Sandra J. Vrejan
,
Julia Frost-Davies
,
Sheila A. Armstrong
,
Kristen V. Campana
,
Matthew Edward Schernecke
,
Edwin E. Smith
,
Craig A. Wolfe
,
Melissa Y. Boey
,
Jamal C. Hill
,
Veronica Roh
With the issuance of Notice 2020-39 (the Notice), the Internal Revenue Service (IRS) has provided relief for Qualified Opportunity Zone Funds (QOFs) and for investors in QOFs. While the relief provided in the Notice does not solve every challenge for QOFs and investors during the pandemic, investors and sponsors alike should warmly receive the specific relief.
Contacts:
Richard C. LaFalce
Congressional stimulus packages appropriated $175 billion in relief funds under the CARES Act and the Paycheck Protection Program and Health Care Enhancement Acts for the benefit of hospitals and other healthcare providers in response to losses incurred due to the coronavirus (COVID-19) pandemic.
Contacts:
Susan Feigin Harris
,
Sydney K. Reed
Small businesses are among the hardest hit by the coronavirus (COVID-19) crisis and the shocks to consumer demand and supply resulting from the ensuing government orders to stay at home and close nonessential businesses.
Contacts:
Stephen E. Ruscus
,
Sheila A. Armstrong
,
Christopher L. Melendez
Join us for a webinar to discuss the issues associated with pursuit of funds under Business Interruption Coverage and FEMA Public Assistance and how they may intersect with the Acceptance of Terms and Conditions associated with the CARES Act Provider Relief Funds.
Contacts:
Susan Feigin Harris
,
Gerald P. Konkel
,
Jeffrey S. Raskin
The Singapore government announced on 26 May its S$33 billion “Fortitude” budget, which will provide support for businesses and workers in light of the coronavirus (COVID-19) pandemic.
Contacts:
Daniel Chia
,
Annette Liu
The UK Future Fund is aimed at supporting continued growth and innovation for UK-based companies in a variety of sectors amid the coronavirus (COVID-19) pandemic.
Contacts:
Nicholas Moore
,
Jayne McGlynn
,
Jack Shawdon
Temporary relief provided by the US Securities and Exchange Commission focuses on financial statements and timing and cancellation requirements with regard to Regulation Crowdfunding, and is expected to make it easier and faster for small businesses to complete offerings.
Contacts:
Albert Lung
,
Leland S. Benton
New guidance from the Internal Revenue Service will allows RICs and REITs to retain more capital by distributing less cash to shareholders in certain stock distributions—welcome relief during the current economic volatility resulting from the coronavirus (COVID-19) pandemic.
Contacts:
Richard C. LaFalce
,
Jason P. Traue
,
Kathryn W. Hambrick
Morgan Lewis partner John Park is speaking at VC Taskforce’s next CVC Roundtable COVID19's Impact on VC/CVC Investment 2020: Insights From The Experts.
Contacts:
E. John Park
The European Commission has revised its Temporary Framework for State Aid to support the economy during the coronavirus (COVID-19) pandemic to allow capital injections by EU member states into nonfinancial firms affected by the pandemic.
Contacts:
Leonidas Theodosiou
,
Joanna Christoforou
The widespread economic disruption precipitated by the coronavirus (COVID-19) global pandemic and oil price volatility has caused debt portfolios to come under scrutiny and fund sponsors and investors to consider opportunities in the marketplace. Many asset managers are forming funds focused on liquid credit opportunities, secondary portfolio purchases and, as with the expansion of nonbank lending after the 2008 global financial crisis, providing customized solutions to distressed and other borrowers that are either unable or unwilling to borrow from traditional banks. In addition, certain existing funds are extending their offering periods and modifying their investment strategies to capture the opportunity.
Contacts:
Courtney C. Nowell
,
Joseph D. Zargari
,
Gerald J. Kehoe
,
Stephen C. Tirrell
,
Daniel A. Losk
,
Daniel A. Nelson
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided a $2 trillion economic stimulus and contained many major tax changes to help businesses and individuals. This recorded webinar discusses major modifications to net operating losses, technical corrections of the Tax Cuts and Jobs Act, and changes on business interest deductions.
Contacts:
Casey S. August
,
Daniel F. Carmody
,
Sarah-Jane Morin
The CARES Act provided economic relief to organizations facing financial challenges as a result of the pandemic. Claiming many of these benefits, however, requires organizations to navigate a complex web of eligibility requirements and select among mutually exclusive options. This recorded webinar provides an overview of these aid requirements for nonprofits, charitable organizations, and tax-exempt organizations.
Contacts:
Alexander L. Reid
,
Stephen E. Ruscus
,
Jonathan Zimmerman
,
Katelyn M. Hilferty
The UK government today launched a new loan guarantee programme for UK businesses—the Coronavirus Large Business Interruption Loan Scheme (CLBILS)—intended to plug the gap by providing loan guarantees for medium and large businesses which were not covered by the two earlier UK loan guarantee programmes related to the coronavirus (COVID-19) pandemic.
Contacts:
Bruce Johnston
,
Paul Denham
This discussion provides an overview of the Federal Reserve programs, including Main Street and other federal COVID-19 relief programs, and the loan programs under the CARES Act. The presentation highlights key aspects of the Main Street Lending Program broadly, with a focus on primary and secondary corporate credit facilities, the Paycheck Protection Program term financing, and the municipal liquidity facility.
Contacts:
Andrew T. Budreika
,
Charles M. Horn
,
Matthew Edward Schernecke
,
Shah M. Nizami
,
Benjamin W. Stango
,
Negin Fatahi
