To assist employees with the economic hardships resulting from COVID-19, recent guidance provides relief in the form of a payroll tax deferral (Deferral Program). Internal Revenue Service Notice 2020-65 (Notice)1 provides...more
The Internal Revenue Service (IRS), through its Large Business and International Division (LB&I), has created a Global High Wealth (GHW) program to audit hundreds of high-wealth taxpayers who own assets or earnings in the...more
On June 4, 2020, Treasury and the Internal Revenue Service issued Notice 2020-39 (the Notice) modifying Notice 2020-23 and providing relief under Section 7508A of the Internal Revenue Code (Code).
Under Code Section 7508A,...more
The Internal Revenue Service ("IRS") has issued FAQs clarifying the net operating loss (“NOL”) carryback rules under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) as they apply to tax-exempt...more
The Department of the Treasury has adopted Final Regulation, providing guidance on information to be reported on the annual return of tax-exempt organizations with respect to their “substantial contributors." For these...more
On April 15, the Small Business Administration (SBA) issued a new supplement to the first Interim Final Rule (IFR) for the Paycheck Protection Program (PPP) that provided some important clarifications regarding eligibility of...more
Any U.S. person with a reportable foreign affiliate is required to file the Benchmark Survey of U.S. Foreign Direct Investment Abroad (Form BE-10) by May 29, 2020. This mandatory survey is conducted once every five years by...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”), signed into law on March 27, 2020, is a stimulus package that aims to provide liquidity to many Americans – by either giving cash or...more
3/31/2020
/ busin ,
Business Closures ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief ,
Unemployment Insurance
On Friday, March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) into law. Among the numerous provisions of the Act intended to provide economic relief to...more
3/31/2020
/ Business Losses ,
CARES Act ,
Charitable Deductions ,
Coronavirus/COVID-19 ,
Federal Taxes ,
Financial Stimulus ,
Income Taxes ,
Net Operating Losses ,
Relief Measures ,
Tax Credits ,
Tax Deductions ,
Tax Incentives ,
Tax Planning ,
Tax Refunds ,
Tax Relief ,
Tax Returns
In the early hours of March 20, Treasury Secretary Steven Mnuchin announced that the Internal Revenue Service (IRS) has extended the deadline for filing of federal income tax returns to July 15, 2020. All individuals and...more
On March 18, President Donald Trump signed the Families First Coronavirus Response Act (“FFCRA” or the “Act”), taking a major step to provide paid leave to workers affected by COVID-19 and blunt the effects of the virus on...more
The IRS recently announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, may only be filed electronically. Although the effective date of the change is January...more
Arizona Governor Doug Ducey signed House Bill (H.B.) 2757 into law on May 31, 2019. H.B. 2757 requires “remote sellers” and “marketplace facilitators” to begin filing and paying transaction privilege tax (TPT) in Arizona...more
With the use of virtual currency on the rise, questions emerge as to how virtual currency transactions are taxed. The IRS has issued guidance regarding the tax consequences of such transactions, answering some questions but...more
4/3/2018
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Fair Market Value ,
Income Taxes ,
Initial Coin Offering (ICOs) ,
IRS ,
Reporting Requirements ,
Tax Liability ,
Token Sales ,
Virtual Currency
The Tax Cuts and Jobs Act of 2017 (the “Tax Act”) modifies Section 965 of the Internal Revenue Code (“IRC”) by expanding the definition of “subpart F income” of United States shareholders (“U.S. shareholder”) for the last tax...more
3/12/2018
/ Controlled Foreign Corporations ,
Corporate Taxes ,
Income Taxes ,
International Tax Issues ,
New Legislation ,
Shareholders ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
Trump Administration
With Republicans in control of the White House and Congress, one of the top priorities is tax reform. President Trump’s tax reform proposal and the House Republicans’ tax reform “Blueprint” suggest many changes to business...more
2/17/2017
/ Alternative Minimum Tax ,
Border Adjustment Taxes ,
Business Taxes ,
Capital Gains ,
Corporate Taxes ,
Foreign Earned Income ,
Income Taxes ,
Tax Credits ,
Tax Deductions ,
Tax Reform ,
Trump Administration
On July 8, 2016, the Internal Revenue Service (IRS) issued Revenue Procedure 2016-41 implementing a provision of the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”). The provision, Section 405 of the PATH...more