The “three martini lunch” has reappeared, as have other recent changes to the taxability of business entertainment and food and beverage expenses. On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (the “CAA Act”), authorizing a 100% deduction for certain business meal expenses for the next two years. Prior to the CAA Act’s implementation, the Internal Revenue Service (“IRS”) issued final regulations (“Regulations”) whereby entertainment expenses were not deductible; but depending on the nature of the expense involved, meal expenses could be partially or fully deductible. Businesses have long struggled with deduction allowances for meal and entertainment expenses. Prior to 2018, taxpayers were generally allowed to deduct […]
Category: Business Law
While most of the Consolidated Appropriations Act, 2021 signed into law on December 27, 2020, focused on government funding and COVID related relief, it also included the COVID-19 Consumer Protection Act (“CCPA”), to protect consumers from deceptive practices relating to COVID-19. Deceptive practices are acts or practice where “a representation, omission, or practice misleads or is likely to mislead the consumer; a consumer’s interpretation of the representation, omission, or practice is considered reasonable under the circumstances; and the misleading representation, omission, or practice is material.” These practices include promises made regarding the “treatment, cure, prevention, mitigation, or diagnosis of COVID-19; or a government benefit related to COVID-19” and apply to […]
To address the entertainment venues severely impacted by COVID-19 related closures this past year, the Consolidated Appropriations Act, 2021 included $15 billion in grants for “Shuttered Venues.” But, who qualifies? Qualified Entities The Shuttered Venue grants will be available to music or theatre venues, entertainment businesses, arts and cultural organizations, non-profit museums, and movie theatre operators. The Act, however, specifically excludes live performances of a “prurient sexual nature” and performances deriving more than a de minimis gross revenue from the sale of products or services that are of a “prurient sexual nature.” Ineligible The Act further provides the following entities are ineligible for Shuttered Venue grants entities owned or controlled […]
On August 8, 2020, President Donald Trump signed an Executive Order directing the Treasury Department to temporarily defer the withholding, deposit, and payment of the employee’s share of Social Security taxes on wages or compensation paid by employers from September 1, 2020 through December 31, 2020. Under IRS guidelines, required these deferred taxes to be repaid by additional withholding of the employee portion of Social Security Taxes between January 1, 2021 and April 30, 2021. However, on December 27, 2020, President Trump signs the Consolidated Appropriations Act of 2021, whereby affected individuals now have until December 31, 2021, instead of April 30, 2021, to repay the deferred taxes. For any employee that […]
In a world where the attention in many businesses has focused on keeping their workplaces COVID-free, cyber criminals have begun preying upon the security vulnerabilities created by COVID. For example, ransomware attacks have increased exponentially in 2020; security experts believe a significant portion of the increase is attributable to lack of “work from home” cybersecurity measures. Prior in person communications are now completed entirely over email––without necessary safeguards. This situation is ripe for nefarious phishing—an attacker sends an email to an unsuspecting employee, the employee clicks on a link or attachment, the act of clicking on the link infects the employee’s computer and ultimately the company’s entire network. After an […]
‘Back to School’ has always been a time of huge changes in the lives of employees and employers… but in 2020, amid a global pandemic, it takes on an entirely new meaning. Employees are struggling to balance their responsibilities at home and at work, while Employers are trying to navigate new and changing regulations and expectations – while trying to run an effective and productive organization! So join Mary Lisa Mireles, Labor and Employment Law Attorney at Rosenblatt Law Firm, and Michele Fite, HR Consultant for OneDigital, along with an expert panel, on Wednesday, August 19th, as they discuss what you CAN do, what you SHOULD do, and what you […]
Appearing on an expert panel alongside 14 other legal and business professionals, our own James Rosenblatt was featured in an article by The Business Journals. The article, titled Overcome hurdles in your organization with these 15 tips, provides advice for pushing your business forward while preparing for potential roadblocks in the future. Check out the article here. Be sure to visit our business law practice page to see what we’ve accomplished for our clients.
Congress has given small businesses more time to access PPP funding. The PPP loan’s previous application deadline was June 30, 2020. However, on Saturday, the President signed legislation into law authorizing the Small Business Administration (“SBA”) to resume accepting applications on July 6, 2020. The new deadline to apply for a PPP loan is August 8, 2020. The SBA has the most updated version of the application on their website. The goal of PPP loans is to help small businesses maintain their businesses and pay their employees during the challenging financial conditions presented by the COVID-19 pandemic. While the original terms were more restrictive and loan applications and forgiveness applications […]
The Small Business Administration (“SBA”) released two new applications for PPP loan forgiveness on June 18, 2020, which mirror recent revised requirements for PPP loans. Due to widespread criticism of the original forgiveness application’s complexities, these modifications were implemented in efforts to make the borrower’s forgiveness process easier. Both the “EZ” application, for certain borrowers, and the revised standard forgiveness application are shorter and more user-friendly. The SBA has also established a helpline to aid borrowers in completing their applications. The EZ application: (Form 3508EZ) The EZ application is a two-page form which allows borrowers flexibility by requiring fewer documents and calculations. To use the EZ application, borrowers must be: […]
On Wednesday, Bexar County Judge Nelson Wolff and San Antonio Mayor Ron Nirenberg issued an executive order in response to growing cases of Covid-19 in the San Antonio area. This order requires that commercial businesses implement and enforce a health policy for customers and staff which includes protective face coverings as a minimum. Businesses failing to comply could be subject to fines of up to $1000. Local businesses are moving to enforce such policies. To see how some San Antonio businesses are handling it, check out this article reported by local news station KSAT. As always, Rosenblatt Law Firm has legal experts standing by to answer your questions.