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The Internal Revenue Service Extends the Payment Period for Certain Deferred Employee Payroll Taxes in Accordance with Recently...

Seyfarth Synopsis: On January 19, 2021, the Internal Revenue Service (“IRS”) issued guidance (the “Guidance”) in accordance with the recently enacted COVID-related Tax Relief Act of 2020 (the “Act”) extending the payment...more

US Treasury Proposes Regulations Addressing the New Holding Period for Partnership Profits Interests

Seyfarth Synopsis: On July 31, 2020, the US Department of Treasury (“Treasury”) published long-awaited proposed Treasury regulations (the “Proposed Regulations”) that provide detailed guidance on the new Code Section enacted...more

Questions Remain After Treasury Guidance Implementing President Trump’s Payroll Tax Deferral

Seyfarth Synopsis: On August 28, 2020, the Internal Revenue Service (“IRS”) issued guidance (the “Guidance”) to implement the payroll tax withholding and payment deferral provided for in President Trump’s Presidential...more

President Trump Signs Four Executive Orders Providing or Extending Coronavirus Relief

Seyfarth Synopsis: On August 8, 2020, President Trump issued an Executive Order and three Memoranda to his Cabinet and Executive Agency heads (collectively, the “Executive Orders”) that provide or extend COVID-19 relief to...more

US Department of Treasury Proposes Regulations Under Code Section 1031 That Provide Taxpayer-Friendly Guidance on Like-Kind...

Seyfarth Synopsis:  On June 12, 2020, the US Department of Treasury (the “Treasury”) promulgated proposed treasury regulations (the “Proposed Regulations”) under section 1031 (“Section 1031”) of the Internal Revenue Code of...more

Forgiveness of Paycheck Protection Program Loans No Longer to Prevent Deferral of Payroll Taxes

The recently enacted Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (the CARES Act) allowed employers to defer the payment of certain employment taxes due for 2020....more

The IRS Extends Filing and Payment Obligations for Most Taxpayers and Performance of Certain Taxpayer Time-Sensitive Actions Until...

On April 9, 2020, the Secretary of the U.S. Department of Treasury (the “Secretary”) and the Internal Revenue Service (the “IRS”) issued Notice 2020-23 (the “Notice”), which extends the deadline for performance of a long list...more

The IRS Extends the 45-Day and 180-Day Deadlines for Section 1031 Exchanges Initiated Before March 13, 2020 and the Deadline to...

On April 9, 2020, following issuance by the President of the United States of an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act on March 13, 2020, the Secretary of the U.S....more

CARES Act Provides Tax Relief to Real Estate Businesses

Seyfarth Synopsis: On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act includes federal tax provisions that should provide relief to real...more

The IRS Announces a “People First Initiative” That Will Temporarily Ease Taxpayer Payment Obligations and Postpone IRS Compliance...

Seyfarth Synopsis: On March 25, 2020, the Internal Revenue Service (“IRS”) announced its “People First Initiative” (the “Initiative”), which will provide relief to taxpayers by suspending payments under certain collection...more

The Secretary of Treasury Selects April 1 as the Effective Date for purposes of the Tax Credits under the Families First...

Seyfarth Synopsis: The tax credits afforded to certain employers and self-employed individuals by the Families First Coronavirus Response Act (FFCRA) are in effect for the period from April 1, 2020 to December 31, 2020. ...more

COVID-19 Business Stimulus Funding Update: Small Businesses, Large Businesses, Mid-Size Businesses, Nonprofits, and Tax Provisions

Seyfarth is actively monitoring all aspects of federal legislation impacting our corporate clients based on COVID-19 business stimulus funding. We expect there to be rolling updates to these provisions based on programs yet...more

Due Date for Filing Federal Income Tax Returns and Making Federal Income Tax Payments Deferred Until July 15, 2020

Seyfarth Synopsis: To provide relief to taxpayers affected by the 2019 Novel Coronavirus disease (“COVID-19”), the U.S. Treasury Department and Internal Revenue Service postponed the April 15, 2020 due date for filing federal...more

Due Date for Paying Certain Federal Income Taxes Deferred Until July 15, 2020

Seyfarth Synopsis: To provide relief to taxpayers affected by the 2019 Novel Coronavirus disease (“COVID-19”), the U.S. Treasury Department and Internal Revenue Service deferred the April 15, 2020 due date for paying certain...more

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