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.
The Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”) was signed into law by President Trump on June 5, 2020. The PPPFA intends to provide flexibility for businesses making use of Paycheck Protection Program (“PPP”) funds by:
- extending the “covered period;”
- increasing the amount of loan forgiveness that may be attributable to non-payroll costs;
- extending the date by which employers must restore full-time employee (“FTE”) levels;
- creating a new safe harbor for inability to restore FTE levels;
- extending the loan repayment period to five years; and
- deferring payroll tax.
Yoram Keinan Quoted in Bloomberg Article Entitled “IRS Tries to Plug Timing Loophole in Anti-Abuse Rule Proposal”
Yoram Keinan was quoted in a Bloomberg Tax article, entitled “IRS Tries to Plug Timing Loophole in Anti-Abuse Rule Proposal.” The article details how, ”The proposed rules are Treasury’s attempt to bar companies from keeping a 100% deduction on early payments of their royalties agreements.” Mr. Keinan noted that shareholders will “now have to track this new concept of a hybrid dividend account, which generally leads to a higher compliance burden.”
In his more than two decades of experience in both the U.S. and Israel, Yoram Keinan has developed extensive experience with respect to the domestic and international taxation of financial products and institutions, and he’s been bringing that knowledge to classrooms at both his alma mater, the University of Michigan Law School, and Georgetown Law Center in a class that is again being offered at both schools, “Taxation of Financial Instruments and Transactions.”
Yoram Keinan participated in the panel entitled "Clearing Up the Clouds? Proposed US Taxation of Cloud Transactions, Non-Currency Tokens, and other 'Digital Assets'" at the ABA Tax Midyear Meeting on January 31, 2020
Kostelanetz & Fink partner Yoram Keinan participated in the panel entitled "Clearing-Up the Clouds? Proposed U.S. Taxation of Cloud Transactions, Non-Currency Tokens, and other “Digital Assets” PLUS Key Policy Proposals affecting Crossborder Structures & Investments (OECD’s Updated Plan to Alter the Tax Nexus Consensus; Replacing LIBOR)" at the ABA Tax Midyear Meeting on January 31, 2020 at the Boca Raton Resort and Club in Boca Raton, FL, from 9:45-11:30 AM.
Yoram Keinan Moderated the Panel entitled "Everything You Need to Know About the Application of Section 163(j) to Financial Institutions," on October 4, 2019
Yoram Keinan moderated a two part panel about the influence which new regulations will have on financial institutions. On 26 November 2018, Treasury and IRS released proposed regulations under section 163(j), which was modified in December 2017 by TCJA. Section 163(j) and the regulations thereunder have significant impact on financial institutions. This panel reviewed the potential application of the rules to financial institutions and put forth policy considerations and planning points.