The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called "coronavirus-related distributions" (CRDs) from IRAs, 401(k) plans and certain other retirement plans.

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The impact of technologic growth on both business structure and function has shifted the corporate landscape to the point where IT systems have become integrated into core business processes even for those organizations that have been slow to adapt. 

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GDPR compliance has become necessary when doing business in the European Union. Boulay provides insight on the requirements and response necessary to meet these regulatory demands.

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The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law.

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Nearly two years have passed since the U.S. Supreme Court sided with the State of South Dakota to overcome the physical presence test in its June 21, 2018 ruling in South Dakota v. Wayfair, Inc. Prior to Wayfair, the Court required retailers to have physical presence in a state before they could be responsible for withholding sales tax in that state. Many things changed quickly after the ruling and some things evolved more slowly over time, so let’s take a look at where sales tax nexus stands today.

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On Friday May 15, the Small Business Administration issued the much-anticipated application form for requesting forgiveness of Paycheck Protection Program loans. The instructions that were issued along with the form go a long way towards answering the many questions that borrowers have regarding forgiveness, but there are still some unresolved issues.

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Organizations involved in production, manufacturing and distribution are navigating unchartered territory in the current economic landscape. COVID-19 is causing significant disruptions in global supply chains due to concerns around worker safety as well as issues in obtaining critical parts and raw materials. As the virus continues to impact global economic activity, companies will depend on the effectiveness of containment and mitigation efforts in the countries where their goods are produced, manufactured, and distributed.

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The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020.

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In Notice 2020-32, the IRS announced that otherwise deductible expenses paid with Paycheck Protection Program (PPP) loan proceeds that are eventually forgiven are not deductible for tax purposes.

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The Coronavirus Aid, Relief and Economic Security (CARES) Act signed into law on March 27 provides a variety of aid to businesses and individuals to help lessen the economic impact of the COVID-19 global pandemic. One challenge that taxpayers may face during this crisis is managing their cashflow; specifically, taxpayers may have a difficult time making certain tax payments and deposits while their income is significantly reduced. Section 2302 of the CARES Act allows employers and self-employed individuals to delay payment of certain employment taxes.

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