by hoodlawkc | Business Planning, Business Law, Tax Law, Tax Planning
Loan Forgiveness Generally When the Coronavirus Aid, Relief, and Economic Stimulus (“CARES”) Act was signed into law on March 27, 2020, it created the Paycheck Protection Program (“PPP”). The PPP provided loans to businesses that were facing financial uncertainty due...
by hoodlawkc | Business Law, Tax Law, Tax Planning
In a previous blog post regarding the new Section 199A “Qualified Business Income” deduction, we mentioned that the deduction is reduced or eliminated for higher income owners of Specified Service Trades or Businesses (“SSTBs”). These are businesses that typically...
by hoodlawkc | Business Law, Business Planning, Tax Law
As mentioned in our last newsletter, the IRS continues to keep a watchful eye over S-corporations, requiring minimum levels of “reasonable compensation” to owners who may be otherwise seeking to downplay compensation for tax avoidance purposes. S-corporation...
by hoodlawkc | Business Law, Business Planning
November of last year, the Bipartisan Budget Act of 2015 was signed into law, repealing the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) audit rules and changing the procedures for partnership audits. The new legislation renders many partnership and...
by hoodlawkc | Business Law, Business Planning
Often, S corporation shareholders serve as officers, directors and employees of their corporation, as S corporations have a small number of shareholders because they are usually family-owned and/or closely-held businesses. This may present a choice for these...
by hoodlawkc | Business Law
Last month, the Missouri Court of Appeals for the Eastern District found that a corporation’s confession of a judgment when it was broke and could not and would not pay was enough of a fraud to contribute to veil piercing, despite a long line of cases indicating that...
