News & Analysis as of

Gross Receipts Internal Revenue Service

Rumberger | Kirk

Protecting Your Business From Widespread ERC Scams

Rumberger | Kirk on

Misinformation and widespread scams have created pitfalls for businesses regarding the employee retention credit - The Employee Retention Credit (ERC) has been one of the most discussed tax topics of 2023. Although...more

Nutter McClennen & Fish LLP

Employee Retention Tax Credits: Additional Guidance for Economically Challenged Businesses

The IRS issued Notice 2021-49 (the “Notice”) on August 4, 2021 to provide additional guidance on the Employee Retention Tax Credit (“ERTC”) applicable to the third and fourth quarters of 2021....more

Eversheds Sutherland (US) LLP

Connecticut proposes digital advertising services tax and employee-elective wage compensation tax on employers

On April 14, 2021, the Connecticut General Assembly’s Joint Committee on Finance Revenue and Bonding introduced SB1106. The bill would establish the “Connecticut Equitable Investment Fund,” which would be funded by, among...more

ArentFox Schiff

Happy Birthday, Employee Retention Tax Credit: Congress’s Gift to Cash-Strapped Employers Extended Through December 31

ArentFox Schiff on

The Employee Retention Tax Credit (“ERTC”) has been expanded and extended further, providing relief to small and large employers affected by COVID-19 business disruptions. As we approach the one-year anniversary of its...more

Eversheds Sutherland (US) LLP

IRS provides welcome flexibility and clarification in final small business tax accounting regulations

On Wednesday, December 23, Treasury and the IRS released final regulations under sections 263A, 448, 460, and 471 of the Internal Revenue Code (Code) to implement statutory changes made by the Tax Cuts and Jobs Act (the...more

Rosenberg Martin Greenberg LLP

Section 280E Remains a Problem for Maryland Cannabusinesses: How to Minimize Taxable Income through Proper Classification of...

The Maryland Medical Cannabis Commission (“the MMCC”) recently reported to the Maryland legislature on “the deleterious effects of the federal tax code on medical cannabis businesses.” As stated in its report, I.R.C. § 280E...more

A&O Shearman

Base Erosion and Anti-Abuse Tax (BEAT): Government Issues Proposed Regulations

A&O Shearman on

On December 13, 2018, the Treasury Department and the Internal Revenue Service issued highly-anticipated proposed regulations (the “Regulations”) regarding the base erosion and anti-abuse tax (generally referred to as the...more

Eversheds Sutherland (US) LLP

Section 199 Scrutiny Continues: Chief Counsel Concludes that Merchant Discount Fees Don’t Qualify as Domestic Production Gross...

On October 23, 2017, the Internal Revenue Service Office of Chief Counsel (Chief Counsel) concluded that certain merchant discount fees earned by a parent company in a consolidated group did not constitute domestic production...more

Eversheds Sutherland (US) LLP

New Law Doubles the Penalties for Failure to File Correct Tax Information Returns and Provide Payee Statements

On June 29, President Obama signed into law the Trade Preferences Extension Act of 2015. Quietly embedded in Section 806 of this new law is a provision that doubled the cap on penalties, from $1.5 million to $3 million, for...more

Williams Mullen

Southeast State & Local Tax: Important Developments - October 2013

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The Williams Mullen Southeast State and Local Tax (SESALT) team is pleased to provide you with a comprehensive recap of recent legislation around the U.S....more

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