Automotive/Transportation

“Series” Limited Liability Companies Will Offer More Options to Ohio Businesses

“Series” Limited Liability Companies Will Offer More Options to Ohio Businesses

Ohio has adopted a modified Limited Liability Company law which becomes effective on January 1, 2022 for all Ohio LLCs and foreign LLCs doing business in Ohio (Senate Bill 276). One of the most important features of the new law is facilitation of the formation of so-called “series” LLCs. One benefit of a series LLC is that […]

Congress Trumps IRS and Confirms Tax Deductions for Expenses Paid with PPP Loans

On December 21, 2020, the United States Congress passed the Consolidated Appropriations Act, 2021 (the “Act”). President Trump is expected to sign the Act. Significantly, the Act specifies that business expenses paid with forgiven Paycheck Protection Program (PPP) loans are tax-deductible. This supersedes IRS guidance that such expenses could not be deducted if the taxpayer […]

IRS Releases Much Anticipated PPP Deductions Guidance

IRS Releases Much Anticipated PPP Deductions Guidance

On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing desperately needed guidance on the timing issues related to Paycheck Protection Program (PPP) loan forgiveness and the deductibility of the related PPP expenses. Revenue Ruling 2020-27 In the guidance, the IRS confirms that a taxpayer may not deduct the PPP […]

PPP Update – Selling a Business in the Time of COVID

PPP Update – Selling a Business in the Time of COVID

On October 2, 2020, the Small Business Administration (SBA) issued a much-awaited notice clarifying the procedures for change of ownership for entities that have received Paycheck Protection Program (PPP) funds. The SBA issued a Procedural Notice, detailing required procedures impacting PPP borrowers and lenders if: (i) twenty percent or more of the common stock or other ownership interest […]

PPP Loan Forgiveness Application

PPP Loan Forgiveness Application

On May 15, 2020, the U.S. Small Business Administration (SBA) announced its long-awaited forgiveness rules through the release of the PPP Loan Forgiveness Application. The application and accompanying instructions specify how loan recipients can apply for PPP loan forgiveness and allow companies to complete the detailed calculations to determine forgiveness amounts. The 11-page application package summarizes eligible and […]

Understanding the SBA’s New PPP Certification Guidance

Understanding the SBA’s  New PPP Certification Guidance

On April 24, 2020, President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act. In relevant part, this Act increases by $310 billion the funds appropriated for the PPP established on March 27, 2020, by the CARES Act. The Small Business Administration (SBA) has announced that new loans under this second tranche of […]

You Auto Know®! – SHUTTING DOWN YOUR BUSINESS

Posted on in Automotive/Transportation, News

In these difficult times, many stores have taken different courses of action regarding their hours and employees. In most instances, the vast majority of dealerships have kept stores open with a limited sales staff, but an almost fully staffed service and parts department. Obviously, these circumstances change daily depending on the spread of COVID-19. I […]