Tax Warrior Chronicles

CAUTION: Restructuring Your Debt May Create Cancellation of Debt Income

Posted on Wed, Dec 09, 2020

By: Kyle Propsner, CPA, and Nastassja Markham Coletta, JD, LLM

 

Are you a business owner exploring new borrowings or the restructuring of current debt as a pathway to satisfy cash needs? Current economic conditions may present an opportunity to secure new borrowings at a discount or modify current debt with relaxed covenants, yields, terms, or rates. To avoid unforeseen tax consequences while restructuring debt, you should understand the various ways a debt instrument can be modified and the potential tax implications.

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Cash Flow Forecasting and Finding Liquidity During the Pandemic

Posted on Thu, Oct 22, 2020

As leaders across the world work continuously to combat the ongoing COVID-19 pandemic, so must business owners of all sizes, industries, and geographic locations. Throughout 2020, the business world and global economy has swiftly transitioned from a period of growth to that of great operational and informational uncertainty.

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PPP Update #8 – What If I Can’t Rehire My Employees? Should I Keep My PPP Money? Can I Get More PPP Money?

Posted on Thu, May 14, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

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PPP Update #4 - Paycheck Protection Program – FAQs Issued and Updated

Posted on Wed, Apr 08, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: Updates #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

Over the past week we’ve provided several updates on the evolving, and sometimes, inconsistent guidance provided by the U.S. Department of Treasury and the Small Business Administration (SBA) regarding the Paycheck Protection Program (PPP) introduced by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  We began with an introduction, provided an update when the first draft of the

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PPP Update #3 - Paycheck Protection Program Loan - Regulations & Final Application Released

Posted on Fri, Apr 03, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: Updates #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

At this point, our readers should be familiar with the Paycheck Protection Program (PPP), the intent behind it, and the guidance issued as of April 2, 2020.  Today we have summarized key changes included in the new guidance issued overnight between April 2 and April 3, including the Final Borrower Application and related regulations.

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PPP Update #2 - Paycheck Protection Loan Application and Guidance Released by SBA/Treasury

Posted on Wed, Apr 01, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: Updates #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13,#14,#15#16#17,#18,#19, #20, #21, #22, #23

 

To say things are moving quickly relative to the CARES Act Paycheck Protection Program would be an understatement.  Within hours of issuing our blog summarizing the law yesterday, both the Treasury Department and Small Business Administration issued additional guidance and a sample loan application.

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Need Liquidity? The Paycheck Protection Program Loan Under the CARES Act Can Help

Posted on Tue, Mar 31, 2020

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: #1, #2#3#4#5#6#7,#8,#9,#10,#11,#12,#13, #14, #15#16#17, #18,

#19, #20, #21, #22, #23

 

 

To assist small businesses through the coronavirus-related economic slowdown, the recently enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act) provides emergency assistance through a significant expansion of the Small Business Administration Section 7(a) loan program.  The program is structured to incentivize employers to retain and pay their employees.  We will refer to these loans as Paycheck

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