To Lend is Human; To Forgive, Divine - SBA Issues Application for PPP Loan Forgiveness

PDF/Printer Friendly Version The Small Business Administration (SBA) has released the application form for forgiveness of loans received under the Paycheck Protection Program (PPP). As discussed in an earlier Buzz (Federal CARES Act, Tax and Loan Provisions for Business, 4/7/2020), the federal CARES Act established PPP as a program in which small businesses and non-profits could borrow money for certain costs and have those loans forgiven if the borrowed funds were used for specified expenses and certain conditions were met regarding payroll. PPP was set up under the Small Business Act (Title 15) and SBA was tasked with administering the program. The loans are made through traditional privat

Payment Due Dates Extended for the Second Half of Tax Year 2019 Ohio Real Property Taxes and Assessm

PDF/Printer Friendly Version One of the ongoing concerns on the minds of real property owners during this pandemic has been whether the due date for the payment of real property taxes and assessments for the second half portion of Tax Year 2019 would be extended. On May 6, 2020, the Ohio Department of Taxation approved extensions of the deadlines for the collection of real property tax for the following Ohio counties: Belmont (from July 20, 2020 to August 21, 2020) Cuyahoga (from July 20, 2020 to August 13, 2020) Delaware (from July 20, 2020 to August 20, 2020) Franklin (from July 20, 2020 to August 5, 2020) Geauga (from July 8, 2020 to July 22, 2020) Monroe (from July 20, 2020 to August 19,

How Should the Net Worth Base be Calculated in Unitary Groups?

PDF/Printer Friendly Version Two recent cases from Michigan – TCF National Bank v. Dept. of Treasury (Nos. 344892 & 344906, Mich. App. 12/12/19) and Comerica, Inc. v. Dept. of Treasury (No. 344754, Mich. App. 4/16/20) exhibit the intricacies of calculating the net worth base for taxes on financial institutions. Both of these decisions involved the Michigan Business Tax (“MBT”), which included a franchise tax applicable between January 1, 2008 and December 31, 2011 to financial institutions doing business in Michigan. The Comerica decision also included a holding on the transferability of credits earned under the Single Business Tax (“SBT”) in the context of a financial institution merger. TC

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