Hart-Scott-Rodino Notification Thresholds Lowered for 2021

By: Margaret Hibbs | 03.03.2021

On February 1, 2021, the Federal Trade Commission (“FTC”) announced the new 2021 Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR”) notification thresholds.  The FTC is required to annually update the HSR thresholds based on the change in gross national product.  The new thresholds were published in the Federal Register on February 2, 2021, and will Read…

Paycheck Protection Program Round Two: Eligibility, Forgiveness, and Considerations for Borrowers.

By: Sheridan DeJong | 01.27.2021

  The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020. Sections 1102 and 1106 of the CARES Act include the Paycheck Protection Program (PPP), which provides Small Business Administration (SBA) loans to assist businesses with maintaining their workforce during the COVID-19 pandemic. On December 27, 2020, Read…

Year-End COVID Relief Legislation Becomes Law During the Holidays

By: Colin Hendricks | 12.30.2020

  This past Sunday evening (December 27), President Trump signed into law additional COVID-19 relief legislation, agreed to by Congress a week earlier, estimated at $900 billion as part of the Consolidated Appropriations Act, 2021. Much of the relief comes in the form of tax provisions, known as the COVID-Related Tax Relief Act (the Act), Read…

IRS Launches Centralized Partnership Audit Website

By: William Daniel | 11.19.2020

  The IRS recently launched the website for the Bipartisan Budget Act Centralized Partnership Audit Regime (often referred to as “BBA”). This website is intended to be the location for all information related to BBA, including regulations, electronic submission forms, how to elect out of BBA, and what can generally be expected during a BBA Read…

SBA Opens PPP Forgiveness Portal, But Banks Put on the Brakes

By: BrownWinick | 08.12.2020

  The Small Business Administration (SBA) officially opened its Paycheck Protection Program Forgiveness Portal to lenders starting on Monday, August 10, 2020. This means that banks who provided loans to small businesses through the Paycheck Protection Program (PPP) may start processing applications from borrowers to have their loans entirely forgiven. As of July 31, 2020, Read…

A Second Wave of Stimulus Relief Proposed by Congress

By: BrownWinick | 07.28.2020

  Congress is negotiating a new $1 trillion economic stimulus package to help millions of Americans and businesses keep afloat during the continued COVID-19 crisis. Among a host of other benefits, Congress has unveiled the following proposed benefits to help businesses hit hardest by the pandemic: A second round of Paycheck Protection Program loans aimed Read…

Federal Reserve Expands Main Street Lending Program to Nonprofit Organizations

By: BrownWinick | 07.21.2020

On July 17th, 2020, the Federal Reserve Board modified the Main Street Lending Program (Program) to provide greater credit opportunities to nonprofit organizations. The Program offers loans to businesses that were in sound financial condition before the Covid-19 pandemic hit. The new regulations allow a wider range of nonprofit entities such as educational institutions, hospitals, Read…

IRS Updates Guidelines to Allow Deferral of Employer Social Security Tax

By: BrownWinick | 07.15.2020

  Following the passage of the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), the Internal Revenue Service (IRS) has updated their FAQ regarding an employer’s ability to defer Social Security taxes. Now, even employers that have received partial or full forgiveness of their PPP loan may defer the payment of Social Security taxes due Read…

FAA Ramps Up Surveillance: Time to Confirm Compliance of Your Aircraft Operation

By: Brennan Block |

  Despite all that is going on in the world, we have noticed in the past few months an uptick in the Federal Aviation Administration (the “FAA”)’s scrutiny of aircraft operations, specifically those operations that cross the border from legal Part 91 operations into “sham” dry lease or illegal charter territory. Because of the FAA’s Read…

Reminder On Upcoming Deadlines For Filing Income Tax Returns And Paying Income Tax

By: Christopher Nuss | 07.02.2020

Because of the ongoing pandemic, several due dates for filing tax returns and paying tax related thereto have been extended. Click here for details. This is a reminder of certain upcoming filing and payment deadlines for both the Internal Revenue Service (IRS) and the Iowa Department of Revenue (IDOR). Please see the following table and Read…