Loans under the Payroll Protection Program (PPP) are eligible for forgiveness depending upon whether and when the loan proceeds are used for qualified business expenses. One of the benefits of this program is that there is no...more
As an update on an important matter that we raised during McDermott’s May 8 Tax Symposium, it is critical to promptly assess whether to report any excise taxes imposed under Section 4960 as the deadline for filing Form 4720...more
5/14/2019
/ Charitable Organizations ,
Employee Definition ,
Excise Tax ,
Filing Deadlines ,
Good Faith ,
Highly Compensated Employees ,
Internal Revenue Code (IRC) ,
IRS ,
Private Foundations ,
Privately Held Corporations ,
Proposed Regulation ,
Tax Exempt Entities ,
Volunteers
Section 162(m) of the Internal Revenue Code (Code) previously limited the tax deduction to $1M annually for covered employee compensation paid by a company that is publicly traded, subject to some important exceptions. The...more
On November 14, 2017, Senate Finance Committee Chairman Orrin Hatch (R-UT) released a new modified mark of the Senate version of the Tax Cuts and Jobs Act that modifies provisions related to Internal Revenue Code (Code)...more
The US House of Representatives Committee on Ways and Means proposed Tax Cuts and Jobs Act intends to reduce corporate and individual tax rates. To pay for the proposed changes, the House Tax Bill would, if enacted,...more
On June 22, 2016, the Internal Revenue Service (IRS) issued proposed changes to the regulations under the Internal Revenue Code (Code) §409A. The Code intends to clarify or modify a wide range of very restrictive rules...more
8/9/2016
/ Corrections ,
Death Benefits ,
Deferred Compensation ,
Exemptions ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Safe Harbors ,
Section 409A ,
Stock Options ,
Stocks ,
Termination
On June 21, the IRS issued long awaited proposed regulations under Section 457 of the Internal Revenue Code that affect a broad range of compensation arrangements at tax exempt organizations. If a compensation arrangement is...more
6/23/2016
/ Compensation Agreements ,
Deferred Compensation ,
Employee Benefits ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Non-Compete Agreements ,
Severance Agreements ,
Severance Pay ,
Tax Exempt Entities ,
Taxable Income ,
Vesting
The Internal Revenue Service (IRS) recently released new final regulations under Section 83 of the Internal Revenue Code (the Code) that confirm several positions that it has successfully taken in litigation about what is ...more