COVID-19 Related Suspension of Civil Penalty Payments

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By: Blaine Rawson In response to the economic difficulties caused by COVID-19, the United States Department of Justice (“DOJ”) has modified its approach to collecting outstanding civil penalties.  According to a March 31, 2020 memo, the DOJ has suspended collection of outstanding civil penalties until at least May 31, 2020, with the possibility of an… Read more »

Employer Tax-Free Grants to Employees: What You Should Know

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By Bruce L. Olson Many employees are facing potentially catastrophic personal economic circumstances as a result of COVID-19. Employers who want to support their employees financially should consider making “qualified disaster relief payments” which, if properly structured, can provide significant tax benefits to both the employers and the employees. Qualified disaster payments are free from… Read more »

Retirement Accounts and the CARES Act

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By Gregg D. Stephenson On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a massive stimulus bill designed to help both individuals and businesses survive the current economic crisis due to the coronavirus pandemic.  Included among the many provisions are rules easing the ability… Read more »

COVID-19 Crisis Presents Unique Opportunities to Transfer Wealth

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By Gary Longmore and Jason Tholen During the past month, the COVID-19 pandemic has affected the world’s entire population.  The economic fallout also presents a planning opportunity to transfer significant wealth to family members and loved ones that are free of gift and estate taxes.  In particular, three recent events have made a number of… Read more »

Further Extensions of IRS Deadlines for Filing and Paying

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By Bruce L. Olson In the third such notice, the Treasury Department and IRS have extended additional key filing and payment deadlines for individuals and businesses, requiring no taxpayer action to implement. This latest IRS relief applies to many returns not previously included, tax payments and other actions. The extensions generally now apply to all… Read more »

CARES Act Expands Bonus Depreciation to Qualified Improvement Property

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By Jeff Rasmussen On March 27, 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help combat the economic effects of the COVID-19 pandemic. Of particular note to commercial real estate owners, the CARES Act included an important correction to depreciation rules enacted as part of the… Read more »

Commercial Leasing Issues Due to COVID-19 – For Landlords and Tenants

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By: Allison Behjani COVID-19 Stay Home Directives and governmental closures of non-essential businesses have led to leasing crises in both the commercial retail and office spaces. Tenants continue to struggle with crippling losses in sales or other revenue streams and have either requested rent relief from their landlords, or, in some cases, have simply informed… Read more »

Utah Leads Together Small Business Loan Program: What You Should Know

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By Raj Dhaliwal The Governor’s Office of Economic Development (“GOED”) announced the Utah Leads Together Small Business Bridge Loan Program (“Program”) to help businesses in Utah stay afloat during the unprecedented COVID-19 Crisis (“Crisis”). The Program will provide over $8,000,000 in loans to eligible small businesses, which will be disbursed in at least two separate… Read more »

Some Patent & Trademark Deadlines Extended Because of the CARES Act

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By Thomas M. Hardman In an effort to assist those who have been adversely affected by the ongoing COVID-19 pandemic, the U.S. Patent and Trademark Office (USPTO) has extended the time allowed to file certain patent and trademark-related documents and to pay certain required fees. The USPTO’s authority for extending these deadlines comes from the… Read more »

SBA Administration Releases Guidance on Paycheck Protection Program

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By Christopher N. Nelson Updated 4/16/2020 The U.S. Small Business Administration released interim guidance on implementation of the Paycheck Protection Program (“PPP”).  This guidance, while not final and subject to change, is helpful to both small businesses and lenders as they participate in this program under which loans are available beginning April 3, 2020.  In… Read more »