The Internal Revenue Service (IRS) has announced plans to initiate dozens of new audits this spring in an attempt to limit personal usage of corporate aircraft. These audits will focus primarily on “highest risk” corporations...more
Promoters and tax advisors have extensively marketed the Employee Retention Tax Credit (ERTC) as a way for employers to reclaim Federal Insurance Contributions Act (FICA) payroll taxes paid during the first two years of the...more
11/8/2023
/ Coronavirus/COVID-19 ,
Employee Retention ,
Employer Liability Issues ,
FICA Taxes ,
IRS ,
New Legislation ,
Payroll Taxes ,
Regulatory Agenda ,
Regulatory Reform ,
Tax Credits ,
Tax Reform
On October 11, 2022, the United States Department of Labor (DOL) issued its Notice of Proposed Rulemaking (NPRM) seeking to undo the Trump administration’s 2021 independent contractor regulations and revert to the six-factor...more
10/28/2022
/ Classification ,
Comment Period ,
Department of Labor (DOL) ,
Employee Definition ,
Employees ,
Employer Liability Issues ,
Independent Contractors ,
NPRM ,
Proposed Regulation ,
Proposed Rules ,
Regulatory Agenda ,
Trump Administration
The Consolidated Appropriations Act, 2021, which became law on December 27, 2020, makes significant changes to the employee retention tax credits available under the Coronavirus Aid, Relief and Economic Security Act (the...more
1/13/2021
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employee Retention ,
Employees ,
Employer Liability Issues ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Tax Credits ,
Trump Administration ,
Wages
A bill titled Jumpstarting Our Businesses’ Success Credit Act of 2020, which would make significant changes to the employee retention tax credits available under the CARES Act, is currently under consideration in the US House...more
The broad-based employer and employee relief provided under the Coronavirus Aid, Relief, and Economic Security (CARES) Act includes two forms of payroll tax relief related to an employer’s Social Security tax payments:...more
Join us for a forward-looking full-day program with discussions led by our senior tax practitioners. The team will examine the current tax landscape, discuss the impact on decisions at the world’s largest corporations and...more
Join McDermott lawyers Samantha Souza and David Fuller for an interactive discussion around the implications of providing fringe benefits to your employees. Sam and David will walk through the tax impact of seemingly...more
As part of its comprehensive 2017 tax reform bill, Congress repealed deductions for Qualified Transportation Fringes including for employer-provided parking, while also requiring that tax-exempt organizations increase their...more
The IRS released guidance in April on the new credit for paid family and medical leave. In FAQ form, this guidance helps employers gauge whether their current policies are sufficient, or whether implementation of conforming...more