Last week Congress passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020 (PFA), significantly amending certain provisions in the Paycheck Protection Program (PPP) relating to a borrower’s loan forgiveness relief requirements. The President subsequently signed the PFA legislation into law which provides PPP borrowers with the following favorable modifications that should enable more, if not all, of their PPP debt to be fully forgiven: Click Here to Read More
The Small Business Administration (SBA) has just released its Paycheck Protection Program (PPP) Loan Forgiveness Application along with instructions for borrowers on how to apply for forgiveness of such loans (for a copy of the application, please click here). The application, to be submitted by the borrower to their lender, reflects some additional clarifications and borrower-friendly guidelines which are highlighted as follows:Click Here to Read More
Late last week, the IRS issued Notice 2020-32 which states that no deduction will be allowed for an expense that would otherwise be deductible by a small business if the payment of such expense results in forgiveness under the provisions of the Paycheck Protection Program (PPP) of the CARES Act, and the income associated with the forgiveness is excluded from gross income. Continue Reading...
The popularity of the Paycheck Protection Program (PPP) among the nation’s small businesses, which was enacted as part of the CARES Act (see our previous Client Alert), resulted in the entire $349 billion dollars allocated to the PPP relief to be fully committed within 14 days. This left many small businesses frustrated and unable to benefit from the program. Click Here To Read More...
As we’ve outlined in our previous Newsletters, President Trump signed into law on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act or the Act). In addition to the Paycheck Protection Program offered to businesses to further support employee retention and maintenance of the business (See March 30th, CARES Act and Paycheck Protection Program (PPP) Client Alert), as well as other appropriations for health care and education needs, the Act provides various forms of temporary and permanent tax relief in an effort to supply additional liquidity to such businesses. A list of those relevant tax relief provisions is outlined Click Here To Continue Reading...
The Tax Cuts and Jobs Act of 2017 (TCJA) has provided investors that have recognized capital gains during the year with the opportunity to reinvest the proceeds of such gains into low income communities in an effort to promote long-term economic growth. In return for such investment and subject to certain requirements, investors may be eligible for significant tax savings on their previously recognized gains as well as any gain eventually realized on the investment itself. This new Qualified Opportunity Zone program provides attractive tax based incentives for those investments that qualify but there are time limits imposed which make investing before December 31, 2019 an important deadline for investors wishing to maximize the benefits. The summary below provides further details on this new government subsidized program and members of the Duggan Bertsch team are available to advise you if interested in pursuing an Opportunity Zone investment.
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Mr. Kenning is an experienced tax attorney and accountant with over 35 years of tax, accounting and business experience in the banking, investment and financial services industry where he served as an advisor to institutions and clients operating throughout the U.S. and overseas. His professional experience has included service at some of the largest banks, financial institutions and accounting firms including ABN Amro Bank, Royal Bank of Scotland, Heller Financial and Ernst & Young. In addition to his practice of tax law, Kevin has previously served as Chief Financial Officer for a start-up financial services firm.
Kevin has worked with and advised clients in many areas of taxation including federal, state & local, and international tax principles with a focus on capital markets, investment funds, project finance, securitizations, private equity and renewable energy investments in addition to retail and manufacturing businesses. In addition to his experience in cross-border activities, Mr. Kenning has also assisted clients with domestic tax matters relating to partnerships, S Corporations, C Corporations, trusts, estates, mergers & acquisitions, and the sale & purchase of businesses among other matters.
In his present role at the firm, Kevin advises clients on a wide spectrum of tax planning, structuring and optimization strategies involving domestic and cross border activities as well as acquisitions and divestitures and tax controversy matters.
Mr. Kenning graduated with a Bachelor of Science in Accounting from Valparaiso University and received his Juris Doctorate from The John Marshall Law School. He is licensed to practice law in the State of Illinois and throughout his career, Kevin has spoken at tax conferences and seminars for the Chicago Tax Club, Illinois CPA Society, Lease Accounting Conference and the Structured Finance Institute on a variety of U.S. and international tax topics.
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