• 02.16.21

    SBA Issues New Guidance on Loan Forgiveness

    On January 19, 2021, the Small Business Administration (SBA) published new Loan Forgiveness Requirements and Loan Review Procedures pursuant to an Interim Final Rule, or IFR (the PPP Forgiveness IFR).

  • 02.11.21

    Update on Deductibility of Expenses Paid With Forgiven PPP Loans

    The IRS released an advance version of Rev. Rul. 2021-2, which is consistent with a legislative change allowing taxpayers to deduct otherwise deductible expenses paid with the proceeds of a Paycheck Protection Program (PPP) loan that is forgiven (or expected to be forgiven).  

  • 02.09.21

    Updated: HSR Thresholds Revised (and Lowered) and Early Terminations Suspended Pending Review

    On February 1, 2021, the FTC announced revised notification thresholds for determining whether companies or other entities are required to provide notice to the federal antitrust agencies about a proposed transaction under the HSR Act of 1976, as amended.

  • 12.22.20

    Congress Reauthorizes and Modifies Paycheck Protection Program

    On December 21, 2020, Congress passed a $900 billion aid package to help address economic hardships wrought by COVID-19.

  • 12.15.20

    Prop 19 to Significantly Restrict Family Transfer Exclusion From Property Tax Reassessment

    On November 3, 2020, California voters approved Prop 19, which will make several changes to the state’s property tax laws. Among these changes are new restrictions on the applicability of the parent–child/grandparent–grandchild exclusion from property tax reassessment ...

  • 12.11.20

    Update on Federal Tax Reporting of Virtual Currency and Related State Tax Issues

    On August 18, 2020, the IRS released a draft Form 1040 for the 2020 tax year (the “2020 Form 1040”). The following question appears on the first page of the 2020 Form 1040: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest ...

  • 12.10.20

    New York Drags Its Securities Filings Into the 21st Century

    New rules will simplify the notice filing process for private placements by requiring filings be made on a Form D via the North American Securities Administrators Association multistate Electronic Filing Depository, consistent with how such filings have long been made in most other states.  

  • 12.02.20

    Proposed Nasdaq Rules Aim to Increase Board Diversity

    On December 1, 2020, the Nasdaq stock exchange filed with the Securities and Exchange Commission (SEC) a proposal1 to adopt new listing rules concerning the diversity of Nasdaq-listed companies’ boards of directors.

  • 09.02.20

    Updated: Guidance on Payroll Tax Deferral

    On August 8, 2020, President Trump issued an executive order directing the Secretary of the Treasury to permit employers to defer the withholding and deposit of certain payroll tax obligations.

  • 08.27.20

    SEC Makes Key Changes to Accredited Investor Definition

    In its Final Rule issued on August 26, 2020, a divided Securities and Exchange Commission (SEC) expanded the group of individuals and entities permitted to invest in private securities by amending the definitions of “accredited investor” and “qualified institutional ...

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