The Internal Revenue Service (IRS) recently announced a new settlement initiative for Syndicated Conservation Easements (SCEs) that are currently under audit and have not reached the Tax Court. This new settlement initiative...more
On October 19, 2022, the Internal Revenue Service (“Service”) issued news release IR-2022-183, which was intended to warn employers using third-party promoters of Employee Retention Tax Credits (“ERTCs”). ERTCs were created...more
In April 2021, President Biden announced the “American Families Plan,” which included some significant tax law changes. Among the proposed changes included in the “American Families Plan” was the increase of the tax rate that...more
6/8/2021
/ Biden Administration ,
C-Corporation ,
Capital Gains Tax ,
Estate Planning ,
Internal Revenue Code (IRC) ,
IRS ,
Legislative Agendas ,
Like Kind Exchanges ,
Real Estate Transactions ,
Section 1031 Exchange ,
Tax Deferral ,
Tax Planning ,
Tax Rates ,
Tax Reform
On April 28, 2021, the White House issued a fact sheet which set forth some additional details on the tax increase proposals contained in President Biden’s “American Families Plan.” ...more
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”). The ARPA provides an estimated $1.9 trillion in stimulus to aid in the COVID-19 pandemic....more
3/12/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Families First Coronavirus Response Act (FFCRA) ,
Infectious Diseases ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Tax Credits ,
Unemployment Benefits
The U.S. Congress has been moving swiftly in recent weeks to address the COVID-19 pandemic. The $8.3 billion Coronavirus Preparedness and Response Supplemental Appropriations Act was signed into law by President Trump on...more
3/23/2020
/ Alternative Minimum Tax ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Family and Medical Leave Act (FMLA) ,
Filing Deadlines ,
Filing Requirements ,
Net Operating Losses ,
Payroll Taxes ,
Relief Measures ,
Retirement Funds ,
Self Employed ,
Sick Leave ,
Tax Credits ,
Tax Liability ,
Tax Returns
In response to the Treasury’s guidance, the Polsinelli Opportunity Zone team hosted a webinar to provide commentary on the second round of Proposed Regulations. ...more
Treasury issued long-awaited Proposed Regulations and a Revenue Ruling today (October 19, 2018) regarding key issues involved with investing in and forming Qualified Opportunity Zone Funds (“OZ Fund”) and the OZ Fund’s...more
10/22/2018
/ Capital Gains ,
Community Development ,
Economic Development ,
Investment Opportunities ,
Limited Liability Company (LLC) ,
Opportunity Zones ,
Pass-Through Entities ,
Proposed Regulation ,
Regulatory Requirements ,
Tax Reform ,
U.S. Treasury