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  • New and Improved Municipal Liquidity Facility On Monday, the Federal Reserve Board announced significant expansions of the Municipal Liquidity Facility (“MLF”). The MLF was unveiled on April 9, 2020 as part of the federal initiative to provide trillions in loans to shore up those affected by the coronavirus pandemic. In a nutshell, the MLF is designed to provide a liquidity backstop... Continue Reading... ....
  • Deadlines Extended for Like Kind Exchanges and Qualified Opportunity Zone Investments Under Section 1031 of the Internal Revenue Code, a taxpayer may sell real property (the relinquished property) and replace it with real property of a like-kind (the replacement property) without recognizing tax on the sale if certain requirements are met. Two of those requirements involve deadlines:  the taxpayer must identify replacement property within 45 days... Continue Reading... ....
  • UPDATE: Certain Uncertainties Resolved by SBA Regarding Payroll Costs of Partnerships and Sole Proprietors Applying for CARES Act Payroll Protection Program Loans On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (Public Law No: 116-136, the “CARES Act” or the “Act”).  Title I of the CARES Act creates the Paycheck Protection Program (discussed in more detail here).  Generally speaking, the Paycheck Protection Program permits certain small businesses to apply... Continue Reading... ....
  • Traps for the Unwary: Not All State Tax Deadlines Have Been Extended While the Louisiana Department of Revenue (the “Department”) has extended some filing and payment deadlines, it has not extended the April 15 and June 15 deadline for making 2020 first and second quarter individual and corporate estimated state income tax payments. Nor has the Department extended the April deadline for reporting and remitting March state... Continue Reading... ....
  • IRS Extends Certain Deadlines The IRS recently issued Notice 2020-23, which extends the deadline for certain time sensitive actions that are required to be taken between April 1 and July 15.  July 15 is the new deadline.  The covered time sensitive actions include those actions relating to tax exempt bonds set forth in Revenue Procedure 2018-58, such as giving... Continue Reading... ....
  • Municipal Liquidity Facility Announced This morning, the Federal Reserve announced the creation of a new liquidity facility to ensure that municipal governments can maintain cash flows and continue to operate.  Under the new Municipal Liquidity Facility, the Federal Reserve will lend up to $500 billion to a special purpose vehicle that will purchase eligible notes directly from eligible issuers. ... Continue Reading... ....
  • Louisiana Tax Commission Confirms Suspension of Filing Deadlines The Louisiana Tax Commission previously issued an advisory suspending hearings and extending property tax filing deadlines to April 13th to sync with the Governor’s Executive Order.  Today, the Louisiana Tax Commission issued a revised advisory extending those deadlines to April 30th, as provided in the most recent Executive Order. Continue Reading... ....
  • Property Tax Filing Deadline Extended to April 30, 2020 Governor John Bel Edwards has issued another Executive Order suspending legal deadlines as a result of the COVID 19 pandemic.  This order is more comprehensive than prior orders.  In Section 5, he extends deadlines in Title 47 (taxation) until at least April 30 and confirms that administrative agency deadlines are also suspended until April 30. ... Continue Reading... ....
  • Uncertainties Created by Tax and Accounting Issues Raised by the Paycheck Protection Program in the Coronavirus Aid, Relief, and Economic Security Act On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (Public Law No: 116-136, the “CARES Act” or the “Act”).  Title I of the CARES Act creates the Paycheck Protection Program (discussed in more detail here).  Generally speaking, the Paycheck Protection Program permits certain small businesses to apply... Continue Reading... ....
  • Tax Related Employment and Employee Benefits Changes in the Coronavirus Aid, Relief, and Economic Security Act On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”).  The CARES Act makes significant changes tax related employment and employee benefits changes in the form of a number of relief provisions designed to mitigate the negative economic consequences of the novel... Continue Reading... ....