In the complex and dynamic world of sports, legal compliance is crucial for maintaining integrity, ensuring fair play, and safeguarding the interests of all stakeholders. From anti-corruption measures to tax issues to...more
On June 28, 2024, the US Supreme Court decided Loper Bright Enterprises v. Raimondo and Relentless, Inc. v. Department of Commerce, which ended the era of judicial deference to agencies’ interpretations of federal law, as...more
As required by law, the Internal Revenue Service (IRS) has begun issuing notification letters to victims of a former IRS contractor who illegally accessed and stole the tax return information of thousands of companies and...more
Sports industry partnerships are now on notice that the Internal Revenue Service (IRS) is initiating specialized, issue-based BBA partnership examinations focusing on their income and deductions....more
2023 saw a number of key tax developments that may affect the private fund industry going into 2024, from key US Tax Court opinions and updates to Internal Revenue Service (IRS) Forms, to new regulations proposed by the IRS...more
At a time marked by themes of “push” and “pull,” organizations across all sectors and jurisdictions are grappling with the pursuit of innovation within an increasingly complex regulatory framework. Over the next 12 months,...more
Private equity, hedge fund, and other investment fund sponsors should be aware of the recent development in the Internal Revenue Service’s (IRS’s) audit campaign with respect to potential liability for Self-Employment...more
Private equity, hedge fund, and other investment fund sponsors should be aware that there continue to be significant developments in the Internal Revenue Service's (IRS’s) audit campaign with respect to the potential...more
A recent challenge to the constitutionality of the federal excise tax on domestic crude oil exported from the United States proved successful in the US Court of Appeals for the Fifth Circuit. While the US Department of...more
The Inflation Reduction Act of 2022, passed by the US Senate on August 7, 2022, will dramatically affect a range of climate change, healthcare, prescription drug pricing, and tax matters. With an investment of more than $400...more
The US Congress has passed a spending bill that includes $285 billion to extend and expand the Paycheck Protection Program, providing new first-time loans and adding second-draw loans to help support small businesses. ...more
The Internal Revenue Service on July 6 published answers to frequently asked questions regarding the taxability of payments received by eligible healthcare providers from the Public Health and Social Services Emergency...more
For-profit medical care providers that receive CARES Act grants to provide funds for healthcare-related expenses or lost revenues attributable to the coronavirus (COVID-19) may be taxed for those receipts. ...more
As part of its ongoing efforts to provide guidance on the federal income tax consequences of various Coronavirus Aid, Relief, and Economic Security (CARES) Act provisions, the IRS issued Notice 2020-32 addressing the...more
In continued efforts to help taxpayers address the challenges brought on by the coronavirus (COVID-19) pandemic, the Internal Revenue Service announced further relief on April 9, including automatically extending deadlines...more
Dear Retail Clients and Friends, This edition of Morgan Lewis Retail Did You Know? examines how the Coronavirus Aid, Relief, and Economic Security (CARES) Act impacts companies in the retail and hospitality sector...more
Overwhelmingly passed by both houses of the US Congress this week and signed into law by President Donald Trump on March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides a $2 trillion economic...more
4/1/2020
/ Business Interruption ,
Business Taxes ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
IRS ,
Relief Measures ,
SBA Lending Programs ,
Small Business ,
Tax Relief
The Internal Revenue Service on March 24 published a first set of answers to frequently asked questions regarding the federal income tax return filing and payment relief provided in Notice 2020-18. This LawFlash discusses the...more
The day after US Secretary of the Treasury Steven Mnuchin’s announcement on March 17, the Internal Revenue Service issued helpful guidance (Notice 2020-17) on the coronavirus (COVID-19) crisis. Importantly, the IRS is...more
Two days after extending by 90 days the deadline for payment of certain federal income taxes, on March 20, US Secretary of the Treasury Steven Mnuchin announced that the Internal Revenue Service will also extend the deadline...more
3/22/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Required Forms ,
Secretary of the Treasury ,
Tax Extensions ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
In light of a recent pilot program encouraging the inclusion of Exam members in Appeals conferences, as well as an indication that Appeals conferences will return to being face-to-face meetings, taxpayers may want to consider...more
Victims of Hurricane Irma located in areas designated by the Federal Emergency Management Agency as qualifying for individual assistance now have until January 31, 2018 to file certain federal tax returns and make certain...more
Victims of Hurricane Harvey in some designated areas now have until January 31, 2018 to file certain federal tax returns and make payments....more
All partnerships will be audited at the entity level unless they have 100 or fewer partners AND no partnerships as direct partners.
The two-year budget plan passed by Congress on October 30, 2015, and expected to be...more
11/3/2015
/ Audits ,
Barack Obama ,
Federal Budget ,
Federal Taxes ,
Indemnification ,
IRS ,
New Legislation ,
Participation Agreements ,
Partnership Agreements ,
Partnerships ,
Repeal ,
Tax Deductions ,
Tax Liability ,
TEFRA ,
U.S. Treasury