tax – Page 2 – Coronavirus (COVID-19)

April 17, 2020August 31, 2020 by Duane Morris

Governor Returns Virginia Gambling Legislation with Amendments, Including Tax for COVID-19 Fund

In a March 17 Alert, we reported that Virginia’s General Assembly had sent Governor Ralph Northam two bills (Senate Bill 36 and House Bill 896), which, if signed, would permit five land-based casinos, online sports betting and up to 2,000 additional historical horse racing machines in the commonwealth. On the April 11 deadline to take action on the bills, Governor Northam returned them, each unsigned, to the Virginia legislature with amendments. While the governor’s proposed changes to the two bills appear minor (for example, they did not change tax rates, minimum capital expenditure requirements or the types of games), a new proposal would further expand gaming in Virginia, at least temporarily, by permitting and taxing skill-based machines in bars, convenience stores and truck stops to raise money for a COVID-19 relief fund.

To read the full text of this Duane Morris Alert, please visit the firm website.

April 14, 2020September 1, 2020 by Duane Morris

New Jersey extends GROW NJ, ERG and HUB Filing Deadlines Due to COVID-19

The New Jersey Economic Development Authority (NJEDA) has extended the annual reporting deadlines for businesses that received tax credits through the Grow New Jersey, Economic Redevelopment & Growth (ERG) and Urban Transit Hub (HUB) programs because of the impact of COVID-19, the EDA announced on April 13, 2020.

To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

April 10, 2020August 31, 2020 by Duane Morris

Deferral of Tax and Land Rental Payment: COVID-19 Guidance for Businesses in Vietnam

The Government on 8 April 2020 issued Decree 41/2020/ND-CP on extension of deadlines for taxes and land rental payment (“Decree 41”) with immediate effect to support businesses, among other subjects, affected by COVID-19 pandemic.

To read the full text of this post by Duane Morris Vietnam partner GIles Cooper, please visit the Duane Morris Vietnam Blog.

April 10, 2020September 1, 2020 by Duane Morris

Determining Immigrants’ Tax Status under the CARES Act

The CARES Act of March 27, 2020, provides $2 trillion in direct financial assistance, including paid leave, unemployment insurance benefits, and rebates to eligible individuals. Immigrants and foreign nationals in the United States may be eligible for some or all of these benefit, depending on the circumstances.

To read the full text of this post by Duane Morris attorney Teodora Purcell, please visit the Duane Morris Immigration Law Blog.

April 2, 2020August 31, 2020 by Duane Morris

Ohio Supreme Court Order Complements COVID-19 Relief Measure

By J. Colin Knisely and Matthew Caminiti

On March 27, 2020, the Ohio Supreme Court issued an Order “in response to” Am. Sub. H.B. 197, which Governor DeWine signed into law the same day. Am. Sub. H.B. 197 is a COVID-19 relief measure, which, among other things, waives state testing requirements for the remainder of the school year, extends professional licenses for those who cannot get them renewed, extends the income tax deadline to July 15, and provides funding for affected small business, such as day care. Continue reading “Ohio Supreme Court Order Complements COVID-19 Relief Measure”

April 2, 2020August 31, 2020 by Duane Morris

Pennsylvania Offers Economic Relief Programs for Businesses and Nonprofits

In response to the current COVID-19 pandemic, federal, state and local governments are ushering in an array of programs and tax relief measures to help mitigate the adverse economic impact of COVID-19 on business and nonprofit entities.

To read the full text of this Duane Morris Alert, which identifies and provides an overview of available economic programs, tax relief measures and deadline extensions for applicable Pennsylvania and Philadelphia organizations affected by the COVID-19 pandemic and closures, please visit the firm website.

March 31, 2020September 18, 2020 by Duane Morris

Maryland Provides Economic Relief from COVID-19 for Businesses and Tax Payers

In response to the COVID-19 pandemic, federal, state and local governments are ushering in an array of programs and tax relief measures to help mitigate the adverse economic impact of COVID-19 on business and nonprofit entities.

In addition to the economic incentive provisions and programs that are available through the new federal CARES Act, including the $350 billion Paycheck Protection Program (PPP) and the U.S. Small Business Administration’s (SBA) Emergency Injury Disaster Loan (EIDL) program, Maryland has offered a number of new economic assistance programs, tax relief measures and deadline extensions to help businesses and individuals impacted by the COVID-19 pandemic.

To read the full text of this Duane Morris Alert, please visit the firm website.

March 30, 2020September 1, 2020 by Duane Morris

New Jersey’s Response: Business Assistance and COVID-19

To read the full text of this post by Duane Morris partner Brad Molotsky, which identifies and provides an overview of available economic programs, tax relief measures, and deadline extensions for applicable Pennsylvania and Philadelphia organizations, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.

March 27, 2020August 31, 2020 by Duane Morris

COVID-19 CARES Act and Notice 2020-18: Tax Effects on Private Equity Firms and Portfolio Companies

As the outbreak of the coronavirus (COVID-19) continues to plague the United States, on March 27, 2020, the U.S. House of Representatives passed the previously approved U.S. Senate version of the much anticipated Coronavirus Aid, Relief and Economic Security Act (CARES Act), providing a needed $2 trillion in relief to the U.S. economy that is teetering on the border of a recession. The CARES Act is the largest of its kind in U.S. history and will provide $500 billion to distressed companies, $350 billion in small business loans and $250 billion in direct payments to individuals and families.

This Alert serves as a brief overview of a few of the important provisions of the CARES Act and IRS Notice 2020-18 that will have a significant impact on private equity funds and their portfolio companies moving forward.

To read the full text of this Duane Morris Alert, please visit the firm website.

March 25, 2020September 1, 2020 by Duane Morris

White House, Senators Strike Deal on $2T Massive Stimulus Package

Early in the morning on March 25, 2020, the Trump administration struck a deal with Senate Democrats and Republicans on an historic rescue package that tees up more than $2 trillion in spending and tax breaks to bolster the hobbled U.S. economy and fund a nationwide effort to stem the coronavirus.

To read the full text of this blog post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.