MARINA VISHNEPOLSKAYA, ESQ., P.C.

Providing sophisticated legal solutions

to address your corporate and tax

business needs.

On April 7, 2021, the United States Department of Labor (“DOL”) issued guidance interpreting the premium assistance requirements for employers providing group health plan continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). On May 18, 2021, Treasury and the IRS published Notice 2021-31 containing interpretive tax guidance for COBRA premium assistance, including the employment tax credit av...

On April 8, 2021, the IRS issued Notice 2021-25 (the "Notice") confirming availability of a temporary 100-percent deduction under section 274 of the Internal Revenue Code of 1986, as amended ("Code") for meals ordered by employees for virtual events from restaurants. Code section 274(n) recently was amended by coronavirus relief legislation under section 210 of the Taxpayer Certainty and Disaster Relief Tax Act of 2020 (the "Taxpayer Certainty Act"). The provision permitted empl...

On December 21, 2020, Congress released the text of, and subsequently voted to approve the Consolidated Appropriations Act, 2021 (the "Act"), more than 5,000 pages in length.  The Act provides extensive year-end Covid-19 relief. Section 210 of the Taxpayer Certainty and Disaster Relief Tax Act of 2020 (“Taxpayer Certainty Act”), part of the Covid-19 relief package, allows an employer a full deduction for certain business meals the expense for which an e...

Introduction

On August 8, 2020, the President of the United States issued an executive order, 85 Fed. Reg. 49,857 (Aug. 13, 2020) (“Presidential Memorandum”) directing the United States Secretary of the Treasury (“Treasury”) to authorize deferral by employers, generally deemed affected by Covid-19, a Presidentially declared disaster pursuant to section 501(b) of the Stafford Act, 42 U.S.C. 5121 et seq (“Affected Taxpayers”), of with...

On May 5, 2020, three senators who are leaders of their respective congressional tax-writing committees asked Treasury in a letter to reverse Notice 2020-32 issued last week denying deductions for certain small business expenses that are subject to loan forgiveness. Section 1102(a) of the Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-127 (2020) (“CARES Act”) sets forth rules for forgiveness of certain covered loans to small business employers under the...

Today, the Senate passed the bill, Paycheck Protection Program and Health Care Enhancement Act (“PPP and HCE Act”), which provides generally $484 billion in new coronavirus aid to small businesses and hospitals. The PPP and HCE Act includes a further allocation for the PPP administered by the Small Business Association (“SBA”), following initial $349 billion funding under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The PPP funds,...