Congress continues to debate legislative proposals related to the next COVID-19 package, though a final package is not expected until late July. This weekly newsletter outlines the latest developments in Washington, including...more
Last week, House Democrats unveiled and passed the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) Act, a $3 trillion stimulus package to address the effects of COVID-19 on businesses, state and local...more
On May 12, House Democrats unveiled the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) Act. Democratic leadership intends to bring the legislation to the floor for a vote on Friday. The bill is the...more
As an increasing number of governors plan to reopen state economies, Congress is under pressure to pass a fourth stimulus package to help businesses and individuals navigate economic recovery. This weekly newsletter outlines...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to small businesses impacted by COVID-19. Congress did not, however, provide a one-size-fits-all solution. Instead, small businesses must...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides access to a tax credit for employers whose businesses have been impacted by COVID-19. Referred to as the Employee Retention Tax Credit (ERTC), the credit...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to small businesses impacted by COVID-19. Congress did not, however, provide a one-size-fits-all solution. Instead, small businesses must...more
4/3/2020
/ Business Opportunities ,
CARES Act ,
Coronavirus/COVID-19 ,
Debt Relief ,
Economic Injury Disaster Loans ,
Employee Benefits ,
Employee Retention ,
Federal Loans ,
Financial Stimulus ,
Liquidity ,
Net Operating Losses ,
Paid Leave ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
Retirement Funds ,
SBA ,
Small Business ,
Tax Credits ,
Tax Deductions ,
Tax Deferral ,
Tax Relief ,
Unemployment Benefits ,
Wage and Hour
The CARES Act includes several tax provisions for businesses. Most of these provisions are designed to provide businesses immediate (or near term) liquidity, but one major provision provides incentives to retain employees who...more
On March 25, the Senate approved a $2 trillion stimulus package, the Coronavirus Aid, Relief, and Economic Security Act, to address the economic and health impacts of the COVID-19 pandemic. The bill now moves to the House for...more
As the U.S. economy grinds to a halt, the Senate’s Phase Three negotiations have continued past the Republicans’ self-imposed deadline. In the meantime, House Democrats have unveiled Phase Three legislation of their own,...more
On Thursday, March 19, Senate Republicans unveiled the Coronavirus Aid, Relief and Economic Security (CARES) Act (S.5348), their opening bid for Phase Three relief negotiations. This memo provides a summary and analysis of...more
With Phases One and Two of the economic stimulus now complete, Senate Republicans made the opening move in Phase Three negotiations with the introduction of the CARES Act. House Democrats are preparing to unveil their own...more
At today’s White House Coronavirus Task Force press briefing, Treasury Secretary Steven Mnuchin announced that earlier in the day, President Trump approved a 90-day extension of the tax filing deadline, subject to the...more
Lawmakers are now negotiating two legislative packages—the Families First Coronavirus Response Act (H.R.6201) and a third stimulus bill that remains in the drafting phase—aimed at spurring the U.S. economy and helping...more
The Treasury Department released a document outlining the key terms of its negotiations on the upcoming third phase of the congressional economic stimulus package. Below are the terms as outlined by the department...more
As lawmakers continue negotiating the Phase Two and Phase Three economic stimulus packages, the Trump administration has further refined its own plan, which now includes extending the tax payment deadline and providing checks...more
On March 16th, lawmakers introduced a set of technical corrections to the Families First Coronavirus Response Act (H.R.6201), which passed the House early Saturday morning....more
TAX TIDBIT -
New National Taxpayer Advocate. The Internal Revenue Service (IRS) announced that a new National Taxpayer Advocate will likely be in place by April. According to an internal memo sent by IRS Commissioner...more
3/5/2020
/ BEPS ,
Digital Services Tax ,
Employee Benefits ,
Financial Transactions ,
GILTI tax ,
Income Taxes ,
International Tax Issues ,
IRS ,
OECD ,
OIRA ,
Popular ,
Safe Harbors ,
Section 199A ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration
Just past midnight on Dec. 17, lawmakers released an amendment to one of two spending bills released on Dec. 16—H.R. 1865—the Further Consolidated Appropriations Act of 2020. Most notably, the amendment included an extension...more
12/18/2019
/ Adjusted Gross Income ,
Affordable Care Act ,
Economic Growth ,
Excise Tax ,
Federal Budget ,
Federal Funding ,
Green Finance ,
Income Taxes ,
Legislative Agendas ,
Natural Disasters ,
Oil & Gas ,
Popular ,
Renewable Energy ,
Retirement Plan ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tax Relief
The Organization for Economic Cooperation and Development (OECD) released a draft proposal today detailing how countries should approach the taxation of multinational companies in an increasingly digitalized global economy....more
TAX TIDBIT -
Five Takeaways and a Falsehood: Test Your Knowledge of the Ways and Means Tax Markup -
On Thursday, the House Ways and Means Committee marked up and approved the following four bills, largely along...more
7/3/2019
/ Congressional Intent ,
Cybersecurity ,
Double Taxation ,
Federal Budget ,
Income Taxes ,
International Tax Issues ,
IRS ,
Legislative Agendas ,
Opportunity Zones ,
Popular ,
SALT ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
Tax Extenders ,
Tax Reform ,
Trump Administration ,
Veterans
Well, they did it. Despite lingering resentment between Democrats and Republicans after the passage of the Tax Cuts and Jobs Act (P.L.115-97), Congress was able to pass tax legislation that was overwhelmingly supported by...more
7/2/2019
/ Appropriations Bill ,
Final Rules ,
Income Taxes ,
IRS ,
Legislative Agendas ,
Opportunity Zones ,
Pending Legislation ,
SALT ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Tax Relief ,
Taxpayer First Act of 2019 (TFA) ,
Trump Administration ,
Ways and Means Committee
In This Issue -
Tax Tidbit -
- IRS by the Numbers
LegislativeLowdown -
- Stayin' Alive
- TCJA: Tax Cuts, Joking Around?
- The Retirement Exchange
- Mnuchin's Special Measures
- Build That...more
6/7/2019
/ Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Corporations ,
Income Taxes ,
International Tax Issues ,
IRS ,
Multinationals ,
Section 199A ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Reform ,
U.S. Treasury
In This Issue:
- Tax Tidbit
- Legislative Lowdown
- RegWatch
- 1111 Constitution Avenue
- At a Glance
- Brownstein Bookshelf
- Regulation Station
...more
Tax Tidbit -
Regulators have until June 22 to finalize guidance on the Tax Cuts and Jobs Act (P.L.115-97). The 18-month mark since the legislation was signed into law is quickly approaching. The Treasury Department and...more
5/29/2019
/ Cybersecurity ,
GAO ,
Gig Economy ,
Income Taxes ,
IRS ,
IRS Commissioner ,
Legislative Agendas ,
Regulatory Agenda ,
Retirement Plan ,
Roth IRA ,
Senate Finance Committee ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trump Administration ,
U.S. Treasury