IRS OK’s Deductions for PPP-Funded Expenses
By Jessica D. Manivasager and Emily M. Chad
The IRS has officially reversed its prior guidance and will allow a federal income tax deduction for expenses paid with a forgiven PPP loan.
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Honors & Education
Professional Activities
Overview
Jessica assists start-up and small business entities to protect their valuable intellectual property assets while achieving their goals through creative corporate and tax planning strategies.
Jessica is a shareholder of Fredrikson & Byron and a member of its Tax Planning & Business Organization, Nonprofit & Tax Exempt Organizations, and Internet, Technology & E-Commerce Groups. Jessica supports many businesses in the role of general counsel, and deals with issues relating to choice of entity in entity formation, business ownership and disputes and the purchase and sale of businesses.
As the Chair of the Nonprofit and Tax-Exempt Entity Group at Fredrikson, Jessica also addresses a wide range of issues for nonprofit and tax-exempt entity clients. She assists in all stages of a nonprofit entity’s lifespan, from corporate formation and obtaining tax exempt status, resolving federal and state law compliance issues, to guiding nonprofit clients through winding-up and dissolving the entity. She has specific experience dealing with mergers and acquisitions of nonprofit entities, and counseling nonprofit directors and officers with regard to complying with fiduciary duties in the context of a merger or acquisition of the entity that they serve. She works with clients to structure non-profit/for-profit joint ventures and works regularly with non-profits doing international work.
In her work with the Internet, Technology & E-Commerce Group, Jessica concentrates on copyright protection and registration for a variety of works, including technology-based works such as on-line works and computer programs, as well as more “traditional” works, such as books, scripts, art and musical arrangements. She provides advice and drafts agreements relating to the transfer of intellectual property assets in transactions and provides advice in negotiating publishing and licensing agreements.
Learn More About Corporate Law:
As a business owner, what is the best way that I can avoid tax penalties?
Is there a way to set up my business in order to save money on taxes?
How do I decide which business entity type is the best for my new business?
What documents do I need to start my new business?
Articles & Presentations
PPP Forgiveness May Become Deductible
May 8, 2020
By Jessica D. Manivasager and Emily M. Chad
In a rare twist of political cooperation, a bipartisan group of U.S. senators has introduced legislation to allow federal income tax deduction of expenses paid with a forgiven Paycheck Protection Program (PPP) loan.
Employment Question of the Day: April 23, 2020
April 23, 2020
By Jessica D. Manivasager and Debra J. Linder
Can employers provide tax-free financial assistance to their employees during the COVID-19 outbreak?
Minnesota Businesses Anxiously Wait as State Lawmakers Battle over Implementing Federal Tax Reform
March 26, 2018
By Jessica Manivasager, John Erhart & Kurt Rempe
It was not long ago when Congress passed the Tax Cuts and Jobs Act (TCJA), dramatically rewriting the U.S. tax code and making sweeping changes impacting both businesses and individuals.
The New IRS Partnership Audit Rules
March 1, 2018
By Jessica D. Manivasager & Jane C. Ball
The IRS audit rules for all partnerships (including LLCs that are taxed for income tax purposes as partnerships) have changed dramatically.
What Happens to Your MN LLC’s Member Control Agreement After 1/1/18?
December 1, 2017
By Jessica D. Manivasager & Jane C. Ball
As of January 1, 2018, all Minnesota limited liability companies (LLCs) will be governed by Minnesota’s new LLC statute, Chapter 322C, including LLCs formed under the predecessor LLC statute, Chapter 322B. Chapter 322C is different in significant ways from Chapter 322B.
Can a 501(c)(3) Host a Political Candidates’ Debate?
September 26, 2016
The short answer is “yes.” Whether you are inspired by this year’s U.S. presidential debates or otherwise to host your own debate, a 501(c)(3) can engage in various election-related activities, so long as the 501(c)(3) follows certain rules so as not to jeopardize its tax-exempt status.
New LLC Acts in Minnesota and North Dakota
December 2, 2015
New limited liability company (LLC) laws became effective in Minnesota and North Dakota earlier this year, ushering in a significantly different legal landscape relating to the rights and responsibilities of LLC members and management and third parties dealing with LLCs in those states. Although banks and bank holding companies are not typically structured as LLCs for regulatory reasons, banks and bank holding companies commonly establish LLC subsidiaries to engage in tangential activities such as insurance sales or holding other real estate (OREO). Therefore, it is important for banks to note the changes to the LLC laws. This article highlights some important aspects of Minnesota’s new LLC law (Minnesota’s New Act) and North Dakota’s new LLC law (North Dakota’s New Act) (or, the New Acts).
PUBLICATIONS & PRESENTATIONS
- Co-Presenter, “Positive Family Business Leadership and FAQs in the Time of COVID-19,” Fredrikson & Byron and Platinum Group Webinar, April 2, 2020
- Presenter, “Fundraising Legally: What You Need to Do and What Donors Need from You,” Minnesota Council of Nonprofits’ 2018 Nonprofit Fundraising Conference, July 26, 2018
- Co-Presenter, “The Impact of the New Audit Rules on Multi-Member LLCs,” Minnesota CLE: Significant Changes for Minnesota LLCs, December 7, 2017
- Co-Presenter, “Ten Legal Challenges Faced by Family-Owned Businesses,” Fredrikson & Byron’s 33rd Annual Employment & Labor Law Seminar, November 3, 2017
- Co-Speaker, “Best Practices for Selecting Your Business Entity Type,” 2017 Best Practices Conference, October 26, 2017
Honors & Education
EDUCATION
- Temple University Law School, J.D., 1999
- University of Wisconsin, B.A., 1993, Japanese and Sociology, with distinction
BAR ADMISSIONS
- Minnesota, 1999
HONORS
- The Best Lawyers in America, Tax Law, 2022
- Minnesota State Bar Association, North Star Lawyer
Professional Activities
PROFESSIONAL ACTIVITIES
- Frequent presenter on choice of entity, closely-held business entity and tax-exempt entity at Minnesota State Bar Association Continuing Legal Education and National Business Institute seminars
- Member, American Bar Association, Minnesota Bar Association, and Hennepin County Bar Association
- Adjunct Business Practicum Professor, Spring and Fall, 2008 Spring 2009, and Spring 2010 Semesters, William Mitchell College of Law
- The Afghanistan Transitional Commercial Law Project – Advisor on Partnership Law to The Afghan Transitional Administration, 2002-2004
- United States Department of State Program presenter on intellectual property issues in Almaty, Kazakhstan, October 2002