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
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
9/18/2020
/ Capital Gains ,
Disclosure Requirements ,
Dividends ,
Internal Revenue Code (IRC) ,
IRS ,
Partnership Interests ,
Regulatory Agenda ,
REIT ,
RICs ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Planning ,
U.S. Treasury
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
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
8/11/2020
/ Coronavirus/COVID-19 ,
Eviction ,
Executive Orders ,
Infectious Diseases ,
Moratorium ,
Payroll Taxes ,
Relief Measures ,
Social Security ,
Student Loans ,
Tax Deferral ,
Trump Administration ,
Unemployment Benefits
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
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
On April 10, 2020, the Internal Revenue Service (the “IRS”) issued Revenue Procedure 2020-22 (the “Revenue Procedure”), which (1) permits an “electing real property trade or business” that elected not to be subject to the...more
4/14/2020
/ Accounting ,
Alternative Minimum Tax ,
Business Assets ,
Business Income ,
Business Taxes ,
C-Corporation ,
Capital Gains ,
Capital Losses ,
Corporate Taxes ,
Cost Recovery ,
Covered Employees ,
Estate Tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Investors ,
IRA Rollovers ,
IRS ,
New Legislation ,
Pass-Through Entities ,
S-Corporation ,
Section 179 Property ,
Shareholders ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Reform ,
Trump Administration
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
4/13/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
e ,
EDD ,
Filing Deadlines ,
Franchise Tax Board ,
HDHP ,
Income Taxes ,
Installment Agreements ,
IRS ,
Relief Measures ,
State of Emergency ,
State Taxes ,
Tax Debt ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
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
4/10/2020
/ Coronavirus/COVID-19 ,
Deadlines ,
Guidance Update ,
IRS ,
Like Kind Exchanges ,
Opportunity Zones ,
Secretary of the Treasury ,
Section 1031 Exchange ,
Stafford Act ,
Tax-Deferred Exchanges ,
Time Extensions ,
Trump Administration
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
3/31/2020
/ Banks ,
Business Interruption ,
CARES Act ,
Compliance ,
Coronavirus/COVID-19 ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Financial Stimulus ,
Lenders ,
Lending ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
Small Business ,
Tax Relief
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
3/30/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Required Forms ,
Tax Extensions ,
Tax Returns ,
Time Extensions
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
3/28/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Secretary of the Treasury ,
Self-Employment Tax ,
Tax Extensions ,
Tax Liability ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
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
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
3/21/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
EDD ,
Filing Deadlines ,
Franchise Tax Board ,
HDHP ,
Income Taxes ,
Installment Agreements ,
IRS ,
Relief Measures ,
State of Emergency ,
State Taxes ,
Tax Debt ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
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