News & Analysis as of

Corporate Taxes Relief Measures

Burns & Levinson LLP

Client Advisory: Employee Retention Tax Credit and More on the IRS Fraud Alert

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Federal legislation relating to the employee retention tax credit (“ERTC”), passed to alleviate the financial burdens of businesses shut down due to governmental orders during COVID, is discussed in a prior Client Advisory....more

Eversheds Sutherland (US) LLP

Relief from the heat: IRS provides penalty waiver for taxpayers not considering CAMT liability in 2023 estimated tax payments

On June 7, 2023, the IRS released Notice 2023-42 (the Notice), providing taxpayers relief from the addition to tax under Section 6655 in connection with the application of the new corporate alternative minimum tax (CAMT). In...more

Nossaman LLP

Federal and California Tax Agencies Announce Relief Measures for Storm-Impacted Taxpayers

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Federal and California tax agencies have announced several relief measures for taxpayers affected by the storms that started shortly before New Year’s Eve and ended (for the time being) on Martin Luther King Jr. Day. Natural...more

Goodwin

France enacts the Finance Law for 2023 - Loi de Finances pour 2023

Goodwin on

La Loi de finances pour 2023 (LF 2023) a été publiée au Journal Officiel le 31 décembre 2022. Le présent bulletin décrit brièvement une sélection de mesures fiscales qu’elle contient. Veuillez consulter la publication...more

Holland & Knight LLP

Resolución que modifica fechas para el registro de Beneficiarios Finales en Colombia

Holland & Knight LLP on

Tal como lo anticipó la alerta del 27 de septiembre de 2022, la Dirección de Impuestos y Aduanas Nacionales (DIAN) de Colombia expidió la Resolución 001240 de 28 de septiembre de 2022, por la cual modificó los artículos 10,...more

Eversheds Sutherland (US) LLP

New Jersey to restore pre-pandemic nexus standards

On August 3, 2021, the New Jersey Division of Taxation released guidance on its website informing taxpayers that as of October 1, 2021, the state is ending its temporary waiver of certain corporation business tax (CBT) and...more

Pillsbury Winthrop Shaw Pittman LLP

New York Budget Raises Tax Rates, Provides Relief to Address Pandemic

New York’s Fiscal Year 2022 budget increases taxes on corporations and high earners and provides relief to pandemic-hit industries. Temporary increases to tax rates on corporations, individuals, and tax credits for...more

Brownstein Hyatt Farber Schreck

Treasury Department Releases Details of the Made In America Tax Plan

On April 7, 2021, the Treasury Department released a report, the Made in America Tax Plan, which describes the proposed changes to corporate and international law that President Biden outlined in his infrastructure package,...more

Greenberg Glusker LLP

IRS and California Franchise Tax Board Extend Deadlines for Individual Taxpayers to May 17, 2021 – What You Need to Know

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During the week of March 15, both the Internal Revenue Service and the California Franchise Tax Board extended the deadlines for individual taxpayers to file their 2020 income tax returns and pay their 2020 taxes from April...more

Williams Mullen

American Rescue Plan Act of 2021 Includes Business Tax Provisions

Williams Mullen on

On Thursday March 11, President Biden signed the American Rescue Plan Act of 2021 (the “Act”) into law. The $1.9 trillion Act includes COVID-19 relief, as well as broader stimulus, but also includes several revenue-raising...more

BakerHostetler

The Most Important Items in the $1.9T American Rescue Plan Signed by President Biden

BakerHostetler on

President Biden signed the American Rescue Plan Act of 2021 (ARPA), an approximately $1.9 trillion COVID-19 relief, funding and tax bill that includes $1,400 direct payments to individuals, an extension of the $300 federal...more

Jackson Walker

IRS Extends Federal Tax Deadlines for Texas Due to Winter Storms

Jackson Walker on

The IRS announced that it has extended certain tax return and payment deadlines for those impacted by the Texas winter storms. Texas residents and businesses now have until June 15 to file federal tax returns and make tax...more

PilieroMazza PLLC

Unsure Whether You’ll Lose Tax Deductions for a Forgiven PPP Loan? Wait Until 2021 to File for Forgiveness

PilieroMazza PLLC on

As it hashes out the details of the next COVID-19 relief package, Congress is facing pressure from business groups to allow businesses to write off expenses covered by forgiven Paycheck Protection Program (PPP) loans. The...more

Baker Donelson

Overview of President-Elect Biden's Policies

Baker Donelson on

Below is a broad overview of policies for which President-Elect Biden has indicated support (PDF). It is important to note that, while some of these policies fall under the President's executive power, many will require...more

Holland & Knight LLP

Impuestos e incentivos territoriales en Bogotá D.C. como consecuencia del COVID-19

Holland & Knight LLP on

Como consecuencia del COVID-19, el pasado 6 de noviembre de 2020, el Concejo de Bogotá expidió el Acuerdo No. 780, por el cual se introduce el Régimen SIMPLE al Distrito Capital en Colombia, y se modifican algunos impuestos e...more

Bennett Jones LLP

Rules of Reassessment: First Order Issued Under the Time Limits and Other Periods Act (COVID-19)

Bennett Jones LLP on

The Minister of National Revenue issued an order on August 31, 2020. This is the first order issued under the Time Limits and Other Periods Act (COVID-19) (TLOPA). The August 31 Order extends the time limit to reassess...more

Hogan Lovells

Second extension of the temporary measures allowing for virtual meetings of corporate bodies

Hogan Lovells on

The law of 20 June 2020 extended the measures concerning the holding of meetings in companies and other certain legal persons without the physical presence of the participants, initially provided for in the Grand Ducal...more

Dechert LLP

More details emerge of the UK’s Job Retention Bonus Scheme

Dechert LLP on

Following the Chancellor’s announcement on 8 July 2020 that employers of furloughed employees would be entitled to a job retention bonus if they kept employees employed until the end of January 2021, the Government published...more

Troutman Pepper

NOL Carryback Issues for Companies That Departed a Consolidated Group, Including Split Waivers and AMT Credit Refunds

Troutman Pepper on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748) included changes to the federal income tax loss (NOL) carryforward provisions under Section 172 of the Internal Revenue Code. One of the significant...more

Pierce Atwood LLP

COVID-19: Maine Income Tax Does Not Conform to FFCRA and the CARES Act

Pierce Atwood LLP on

Maine Revenue Services (MRS) has informed taxpayers that Maine does not conform to the federal tax changes enacted in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security...more

Dorsey & Whitney LLP

Covid-19 Tax Relief Makes Winners out of Losses (for some)

Dorsey & Whitney LLP on

The CARES Act, signed into law on March 27, 2020 in the wake of the onset of the Covid-19 pandemic, contained numerous changes to U.S. federal income tax law. One such change applied to the deductibility of net operating...more

Morgan Lewis

State And Local Tax Responses To Covid-19 (UPDATED)

Morgan Lewis on

Alabama: The Alabama Commissioner of Revenue has issued a series of orders. On March 18, 2020, the commissioner ordered that late payment penalties are waived for small retail businesses whose monthly retail sales during...more

Lowndes

Don’t Forget the Tax Man: Many Tax Returns and Payments Due Next Week

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Because of Covid-19, the IRS extended most federal tax filing and payment deadlines otherwise due from April 1, 2020 to July 14, 2020 until July 15, 2020....more

Dentons

State Tax Treatment of Funds Received Through COVID-19 Relief Efforts

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Over the last several months, businesses and individuals have received funds through various COVID-19 relief efforts. They now may be wondering what, if any, impact these funds will have on their tax returns next year....more

Holland & Knight LLP

Ministerio de Hacienda reduce anticipo de impuesto sobre la renta para el año 2020

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El 29 de mayo de 2020, el Ministerio de Hacienda y Crédito Público expidió el Decreto 766 de 2020, por medio del cual reduce el anticipo que deben pagar los contribuyentes del impuesto sobre la renta en el año 2020, como...more

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