News & Analysis as of September 20, 2024

Tax Deductions

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Payroll taxes are taxes that are often calculated and remitted based on a percentage of an employee's wages, but they can also include fixed charges. Payroll taxes consist of two types of taxes: 1) taxes that are withheld by an employer from an employee's wages and 2) taxes paid by an employer based on the amount of an employee's wages. These taxes may be advanced income tax payments on behalf of an employee. They are also employer and employee payments to a variety of government programs, such as social security, and unemployment/disability insurance. less -

A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part VII –...

Foster Garvey PC on 6/6/2024

In the S corporation arena, tax advisors generally do not focus much attention on unreasonable compensation. As we delve into the issue in this Part VII of my multi-part series on Subchapter S, it will become apparent that...more

The Latest COVID-19 Stimulus: Highlights of Key Tax Provisions in the American Rescue Plan Act of 2021

Gould + Ratner LLP on 3/19/2021

The American Rescue Plan Act of 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The ARPA...more

Federal Income Tax Changes in the Consolidated Appropriations Act of 2021

Brooks Pierce on 2/8/2021

The Consolidated Appropriations Act of 2021, enacted late last year, includes several tax related changes and incentives affecting businesses. Congress overruled guidance from the Internal Revenue Service to provide that...more

2020 End of Year Tax Planning for Businesses

Bowditch & Dewey on 10/28/2020

As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: -...more

How to Free Up Access to Employer Assets and/or Ease Employee Access to Vested Benefits During COVID-19

Troutman Pepper on 8/27/2020

Who Needs to Know - Employers and Employees Impacted by COVID-19. Why It Matters - Employers and employees alike continue to feel the impact of the COVID-19 pandemic. Despite a variety of tax incentives, employers may...more

PROVIDING COVID-19 FINANCIAL RELIEF: How to Free Up Access to Employer Assets and/or Ease Employee Access to Vested Benefits

Troutman Pepper on 8/27/2020

Q. Are there any COVID-related tax incentives that could benefit employers and employees?...more

Tax Relief Under the CARES Act

Wilson Sonsini Goodrich & Rosati on 4/3/2020

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion stimulus package thought to be the largest in U.S. history. The CARES Act contains several key...more

The CARES Act: Title II Business Provisions Summary and Analysis

Brownstein Hyatt Farber Schreck on 4/2/2020

The CARES Act includes several tax provisions for businesses. Most of these provisions are designed to provide businesses immediate (or near term) liquidity, but one major provision provides incentives to retain employees who...more

Business And Individual Income Tax Provisions Of The Cares Act

Goodwin on 4/1/2020

On Friday, March 27, Congress passed, and the President signed, the bipartisan “Coronavirus Aid, Relief, and Economic Security Act” (the “Act”), a $2 trillion economic stimulus plan to provide funding and tax relief to...more

The CARES Act: Tax Relief and Incentives

Jackson Walker on 4/1/2020

Friday, March 27th, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act contains significant tax relief for individuals and businesses. Below are the tax highlights....more

Key Tax Provisions of the CARES Act

Burr & Forman on 3/31/2020

The COVID-19 or Coronavirus has disrupted demand in many industries and is wreaking havoc on budgets and cash flow projections. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act),...more

CARES Act Summary – Tax

Akin Gump Strauss Hauer & Feld LLP on 3/30/2020

On March 25, 2020, the U.S. Senate released final text of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) to provide emergency economic assistance to those affected by the novel coronavirus...more

Top 10 Tax Planning Tips for 2020

Chambliss, Bahner & Stophel, P.C. on 2/12/2020

Tax season is right around the corner, but good tax planning takes place all year long! See below for some of our favorite tips and tricks. These cover a variety of areas including charitable giving, estate tax exemptions,...more

The New Section 199A 20% Profit Deduction for Pass-Through Businesses: A Case Study: Court Reporters

Burr & Forman on 10/23/2018

Congress enacted the new Section 199A 20% profit deduction for the owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended...more

New York State Responds to Federal Tax Reform

Skadden, Arps, Slate, Meagher & Flom LLP on 4/10/2018

On March 30, 2018, the New York Legislature passed the 2018–2019 Budget Bill (SB. 7509-C/A 9509-C) (Budget Bill), which addresses several provisions of the newly enacted Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and...more

Tax Truths: Volume 1, No. 2 – December 2016

Ballard Spahr LLP on 12/8/2016

AN ANALYSIS OF TAX LAW PROPOSALS OF THE PRESIDENT-ELECT AND THE HOUSE - President-elect Trump made tax reform a highlight of his campaign, calling for fewer tax brackets, lower individual rates, and reduced corporate tax...more

The “Relocation Costs” Reimbursement Arrangement: A Section 409A Trap for the Unwary.

Mintz - Employment, Labor & Benefits... on 12/5/2013

When an employer requires an employee to move his or her primary residence to work, or continue working, for the employer, oftentimes the employer, as an inducement for the employee to accept the offer employment or continue...more

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