SBA and Treasury Issue Final PPP Guidance

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Long-awaited guidance on the Paycheck Protection Program (PPP), Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule, was issued on June 22, 2020, by the Small Business Administration (SBA) in consultation with the Department of the Treasury. The release is 34 pages in length and will require some time […]

Most Employers/Borrowers of PPP Loans to Be Disclosed

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The Small Business Administration (SBA) and Treasury issued a press release on June 19, 2020 in which they announced that they had come to an agreement with bipartisan leadership in the Senate Small Business Committeehttps://www.sbc.senate.gov/public/ to publicly divulge additional detailed information regarding those employers/borrowers that have received funds under the Paycheck Protection Program (PPP) initiated by […]

FAQs Issued to Further Clarify Guidance on PPP Loans

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In the flurry of releasing millions of dollars of loan requests from small businesses under the CARES Act’s Paycheck Protection Program (PPP), the Small Business Administration (SBA), in consultation with Department of the Treasury, issued additional guidance on April 6, 2020. These Frequently Asked Questions (FAQs) go a long way in clarifying the intent of […]

Bob Grossman’s Testimony at Treasury’s Public Hearing

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On December 1, 2016, Bob Grossman joined 36 individuals from around the country in testifying in Washington, D.C., at the Department of the Treasury’s Public Hearing on Proposed Regulations. The public hearing was held in accordance with statutory protocol mandated any time new Treasury regulations are proposed. This particular hearing was held so that commentators […]

Testifying at Treasury on the Proposed §2704(b) Regulations

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Today, December 1, 2016, all eyes will be on the public hearing before Treasury and the Internal Revenue Service in Washington, D.C. At that hearing, witnesses will urge the Treasury to withdraw or substantially revise the controversial proposed Internal Revenue Code Section 2704(b) regulations designed to limit or eliminate estate valuation discounts for family-owned entities. […]

Time May Be Running Out for Some Valuation Discounts

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With the finalization of the proposed Section 2704 regulations looming, individuals and their advisors should consider completing estate/gift tax planning or business valuation projects before year-end while the current tax treatment is still available. If the regulations are passed as proposed, they are likely to become effective at the beginning of 2017. Read this technical […]

Congressional Republicans Look to Knock Out Treasury’s Proposed Section 2704 Regulations

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Let the fight begin! There has been a groundswell of protest against the Internal Revenue Service’s proposed Treasury regulations under Internal Revenue Code 2704, which were released in early August. These rules, if enacted, could end the use of discounts and other estate planning strategies long accepted by both political parties to move family businesses […]