On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “ARPA”) into law. In addition to providing nearly $2 trillion of monetary relief for individuals and business sectors impacted by the...more
4/1/2021
/ American Rescue Plan Act of 2021 ,
Biden Administration ,
CARES Act ,
COBRA ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employees ,
Employer Liability Issues ,
Families First Coronavirus Response Act (FFCRA) ,
New Legislation ,
Non-Discrimination Rules ,
Relief Measures ,
Sick Leave ,
Sick Pay ,
Subsidies ,
Tax Credits ,
Unemployment Benefits
As we have previously discussed, the CARES Act created the Paycheck Protection Program, pursuant to which employers may be able to obtain loans (“PPP loans”) to help cover business expenses during the COVID-19 pandemic. Under...more
On April 10, 2020, the Internal Revenue Service (“IRS”) released frequently asked questions (FAQs) to address specific issues relating to the deferral of the employer portion of Social Security taxes under the Coronavirus...more
On March 30th, the Treasury Inspector General for Tax Administration (“TIGTA”) released a report which concluded, based on its estimates, that the IRS could have collected significant additional tax revenue from cannabis...more
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the third and by far the largest stimulus package passed by Congress to respond to the COVID-19 outbreak. As discussed...more
4/2/2020
/ CARES Act ,
Employee Benefits ,
Financial Stimulus ,
Healthcare ,
Lenders ,
Net Operating Losses ,
Payroll Taxes ,
Pensions ,
Relief Measures ,
Small Business ,
Tax Relief
The IRS and Treasury issued new guidance that supersedes earlier guidance relating to the postponement of the April 15, 2020 tax deadline due to the COVID-19 pandemic.
On Friday, the IRS and Treasury announced that both the...more
Now that the devastating scope of the COVID-19 pandemic has become clear, the United States government is responding rapidly to address both its health care and economic impacts. Two emergency supplemental appropriations...more
3/23/2020
/ Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employer Group Health Plans ,
Families First Coronavirus Response Act (FFCRA) ,
IRS ,
New Legislation ,
Paid Leave ,
Relief Measures ,
Sick Leave ,
Tax Credits ,
U.S. Treasury
Due to the COVID-19 pandemic, the Treasury has announced that the due date for any U.S. federal income tax payments otherwise due on April 15th has been extended to July 15th, subject to certain limitations. This extension of...more
Highlights:
..Unless Congress acts in the next three weeks, effective as of January 1, 2020, a 2.3% excise tax (the “Medical Device Tax”) generally will be imposed on the price at which a “taxable medical device” is sold...more
Every U.S. person (including both individuals and entities, as discussed below) that had a financial interest in, or signature or other authority over, one or more foreign financial accounts during 2015 must electronically...more
In the early 1990s, Congress enacted the qualified small business stock (“QSBS”) rules to incentivize equity investments in certain corporations. The QSBS rules reduce the effective federal income tax rate on the gain...more
The recent Bipartisan Budget Act of 2015 (the “Act”) sets forth a new tax audit regime for partnerships (and limited liability companies taxed as partnerships) that will have far-reaching consequences. The new audit...more
The Internal Revenue Service has issued a private letter ruling to an individual owner of solar panels installed in an offsite net-metered community-shared solar project confirming the individual’s eligibility for the income...more
On July 22, 2015, the IRS released proposed regulations that could limit the utility of “management fee waiver” arrangements (the “Proposed Regulations”). Management fees generally are taxable as compensation income....more
7/31/2015
/ Capital Gains ,
Clawbacks ,
Deferred Compensation ,
Fee Waivers ,
Fund Sponsors ,
Internal Revenue Code (IRC) ,
IRS ,
Management Fees ,
Partnership Agreements ,
Partnerships ,
Profits Interests ,
Significant Entrepreneurial Risk (SER)
Reports Due by the End of June -
Every U.S. person that had a financial interest in, or signature or other authority over, a foreign financial account during 2014 must electronically file with the U.S. Treasury...more
Don’t Forget About Your Foreign Financial Assets -
U.S. citizens, resident aliens and certain non-resident aliens who held any interest in “specified foreign financial assets” at any point during 2014 may be required...more
Reports Due by the End of June -
Every U.S. person that had a financial interest in, or signature or other authority over, a foreign financial account during 2013 must electronically file with the U.S. Treasury...more
On April 2, 2014, the IRS announced that foreign entities that must be FATCA-compliant by July 1, 2014 now have until June 3, 2014 to register with the IRS (as opposed to the previous April 25, 2014 registration deadline)....more
Every foreign entity must take steps immediately to determine whether FATCA will apply to it and, if so, whether FATCA registration will be required by April 25, 2014....more
On March 4, 2014, President Obama issued his Administration’s Fiscal Year 2015 Budget, which includes a proposal to tax carried interests (also known as “performance allocations” or “incentive allocations”) in investment...more
On July 1, 2014, FATCA will go into effect. As a consequence, foreign entities that receive payments or allocations of certain U.S.-source income generally will be subject to a new 30 percent U.S. withholding tax on such...more
In September 2013, Massachusetts enacted legislation to retroactively repeal the extension of the 6.25 percent Massachusetts sales and use tax to certain types of computer system design and software modification services...more
In January 2013, Congress enacted legislation that could provide certain investors who acquire qualified small business stock (“QSBS”) before the end of 2013 with a significant tax benefit. In effect, the gains realized from...more
On September 27, 2013, Massachusetts Governor Deval Patrick signed legislation to retroactively repeal the recent extension of the 6.25 percent Massachusetts sales and use tax to certain types of computer system design and...more
In light of last week’s news that Massachusetts lawmakers intend to retroactively repeal the controversial “tech tax”, the Massachusetts Department of Revenue (“MDOR”) yesterday announced that it is deferring the September 20...more