On Tuesday, July 13, DC lawmakers unanimously approved emergency legislation known as the Public Emergency Extension and Eviction and Utility Moratorium Phasing Emergency Amendment Act of 2021 (the legislation) that will...more
On March 31, 2021, President Biden presented an infrastructure spending plan coupled with a tax reform plan that seeks to raise corporate income taxes (the “American Jobs Plan” and the “Made in America Tax Plan”).
The...more
4/2/2021
/ American Rescue Plan Act of 2021 ,
Anti-Corruption ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Controlled Foreign Corporations ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Environmental Protection Agency (EPA) ,
Foreign Derived Intangible Income (FDII) ,
Fossil Fuel ,
GILTI tax ,
Infrastructure ,
OECD ,
Tax Cuts and Jobs Act ,
Tax Haven ,
Tax Increases
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
3/15/2021
/ Aggregation Rules ,
American Rescue Plan Act of 2021 ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Gross Receipts ,
IRS ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Tax Credits
At $1.9 trillion, the American Rescue Plan Act of 2021, signed into law by President Biden on March 11, 2021, is the largest aid package passed by Congress since the start of the pandemic. With the Rescue Act, Congress hopes...more
3/12/2021
/ American Rescue Plan Act of 2021 ,
CARES Act ,
Child Tax Credit ,
COBRA ,
Coronavirus/COVID-19 ,
Dependent Care ,
Economic Aid Act ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Grants ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Public Health ,
Restaurant Industry ,
Small Business ,
Small Business Loans ,
Student Loans ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Unemployment Benefits
On Monday, December 14, Senator Joe Manchin (D-WV) and Senator Susan Collins (R-Maine) introduced the “Emergency Coronavirus Relief Act of 2020,” which would provide another round of relief to combat the economic fallout...more
The IRS has confirmed that a taxpayer who received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in the CARES Act may not deduct those expenses in the taxable...more
The COVID-19 pandemic of 2020 has caused significant financial hardship in the hospitality industry.
This alert addresses the tax consequences of a lender and borrower agreeing to restructure a loan by either: (1) reducing...more
Following stalled negotiations about a fifth round of coronavirus relief in Congress, President Trump signed an executive order on August 8, 2020 directing the US Treasury to suspend the obligations of employers to withhold...more
The tax provisions of the HEALS Act would expand upon and modify several provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the employee retention tax credit, while also introducing...more
On June 8, 2020, Mayor Bowser signed the Coronavirus Support Congressional Review Emergency Amendment Act of 2020 (the Act), which the Council of the District of Columbia had unanimously approved on May 19, 2020. The Act is...more
6/15/2020
/ Commercial Tenants ,
Coronavirus/COVID-19 ,
Eviction ,
Foreclosure ,
Landlords ,
Lenders ,
Moratorium ,
Mortgages ,
Public Health Emergency ,
Real Estate Market ,
Tenants
On May 19, 2020, the Council of the District of Columbia unanimously approved the Coronavirus Support Emergency Amendment Act of 2020 (the “Act”), which consolidates the four previous emergency acts adopted by the Council,...more
Bill Includes Protections for Commercial Retail Tenants and Landlord Requirements -
On May 5, 2020, the Council of the District of Columbia unanimously approved another bill in response to the ongoing COVID-19 crisis, the...more
As we noted previously, on April 7, 2020, the Council of the District of Columbia (the “Council”) unanimously passed the COVID-19 Response Supplemental Emergency Amendment Act of 2020 (the “COVID-19 Supplemental Act”). This...more
On April 7, 2020, the Council (the “Council”) of the District of Columbia unanimously passed the COVID-19 Response Supplemental Emergency Amendment Act of 2020 (the “COVID-19 Supplemental Act”). Because this is emergency...more