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SBA Issues Important New PPP Forgiveness Guidance – Owner Compensation and Nonpayroll Expenses, Including Related-Party Rentals

On August 24, 2020, the U.S. Small Business Administration (“SBA”) issued an interim final rule (“IFR”) with important guidance on previously unanswered questions about certain Paycheck Protection Program (“PPP”) loan expenses eligible for forgiveness.  After months of silence from the SBA, the IFR, titled Treatment of Owners and Forgiveness of Certain Nonpayroll Costs, addresses who is subject to the owner-employee compensation rules and limits certain nonpayroll costs from eligibility for forgiveness, including related-party rent payments and expenses of home businesses.

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8 Kostelanetz & Fink Attorneys Recognized by “Best Lawyers in America” for 2021

NEW YORK (Aug. 27, 2020) — Eight Kostelanetz & Fink attorneys have been recognized by U.S. News – Best Lawyers® in the 2021 edition of The Best Lawyers in America

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Robert Russell participated in a webinar entitled "IRS & Treasury Panel: Partnership Reporting (Inbound)" for the ABA

The American Bar Association (ABA), the American Institute of Certified Public Accountants (AICPA), and the Tax Executives Institute (TEI), along with the U.S. Treasury Department and the IRS, held a two-part series of webinars to discuss the proposed redesigned partnership form for tax year 2021 (filing season 2022). Robert Russell participated in part two, on August 18, 2020. 

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Caroline Ciraolo presented a webinar entitled "When Your Tax Case Takes a Turn for the Worst – The Lifecycle of a Federal Criminal Tax Case" for the ASTPS

On August 6, 2020, Caroline Ciraolo presented a webinar entitled "When Your Tax Case Takes a Turn for the Worst – The Lifecycle of a Federal Criminal Tax Case" for the American Society of Tax Problem Solvers. 

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Pro Bono Spotlight: IRS Virtual Settlement Days, Part 2

As part of Kostelanetz & Fink’s commitment to pro bono work and giving back to the tax community, K&F partners Megan Brackney, Yoram Keinan, Bryan Skarlatos, and Michael Sardar were proud to participate in the most recent IRS Virtual Settlement Conferences in coordination with the IRS’s Office of Chief Counsel on July 28 and 30, 2020.

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K&F in the Classroom: Fall Courses on Civil Tax Procedure, Criminal Tax

This fall, Kostelanetz & Fink partners Megan Brackney and Caroline Ciraolo will be teaching undergraduate and graduate level courses again at New York University School of Law (Brackney), Georgetown University Law Center (Ciraolo), and the University of Baltimore School of Law and Graduate Tax Program (Ciraolo).

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Christopher M. Ferguson conducted a CLE on CARES Act Enforcement with Celesq® AttorneysEd Center in partnership with Thompson/Reuters (West)

On July 28, 2020, Christopher M. Ferguson conducted a CLE on CARES Act Enforcement with Celesq® AttorneysEd Center in partnership with Thompson/Reuters (West).

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Christopher M. Ferguson quoted in Mercury News article entitled “A Lafayette Youth Baseball League Supposedly Got a $5 Million PPP Loan. Here’s What Really Happened”

In a recent Mercury News article by Leonardo Castañeda entitled “A Lafayette Youth Baseball League Supposedly Got a $5 Million PPP Loan. Here’s What Really Happened,” Christopher M. Ferguson discussed the issue of fraudulent loans issued under the federal Paycheck Protection Program during the COVID-19 pandemic.

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Stow Lovejoy participated in a webinar entitled "Mastering Form 5472: Filing Requirements for Foreign Individuals, LLCs, and Companies" for Strafford on July 23, 2020

This webinar provided tax advisers with a thorough and practical guide to completing Form 5472, focusing on the impact of IRS regulations requiring 5472 reporting by foreign owners of disregarded entities (DREs). The panel provided line-by-line guidance on completing the form, define difficult concepts, and discuss the impact of IRS rules expanding filing requirements.

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Robert M. Russell quoted in Law360 article entitled “5 Federal Tax Cases To Watch In The 2nd Half Of 2020”

In a recent Law360 article by Amy Lee Rosen entitled “5 Federal Tax Cases To Watch In The 2nd Half Of 2020,” Robert M. Russell discussed the anticipated importance of U.S. v. Altaba, an atypically early tax dispute presently taking off in Delaware district court.

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