Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 31, 2022 – November 4, 2022....more
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
Banks are reminded that child tax credit payments made by direct deposit are exempt from creditor process. In particular, the Virginia law (Code §34-28.3) provides an exemption for any “emergency relief payment” made in...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 21, 2021 – June 25, 2021. Additionally, for continuing updates on the tax impact of COVID-19,...more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 7, 2021 – June 11, 2021... June 7, 2021: The IRS issued a news release announcing it has...more
The American Rescue Plan Act of 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The ARPA...more
At $1.9 trillion, the American Rescue Plan Act of 2021, signed into law by President Biden on March 11, 2021, is the largest aid package passed by Congress since the start of the pandemic. With the Rescue Act, Congress hopes...more
Update: President Biden signed The American Rescue Plan Act on March 11, 2021- On Wednesday afternoon, Congress passed The American Rescue Plan Act of 2021, a broad, comprehensive policy response to the challenges brought...more
On Thursday, March 11, President Biden signed the COVID-19 relief package into law. The legislation grants $1,400 direct payments to individuals making less than $75,000 and $2,800 to married couples making less than $150,000...more
In his first significant legislative achievement in office, President Biden quickly signed the American Rescue Plan, legislation passed by Congress providing $1.9 trillion in coronavirus relief to Americans and businesses...more
President Joseph R. Biden signed the American Rescue Plan Act of 2021 on March 11, which provides $1.9 trillion in relief funds across a broad spectrum of categories, including additional support for vaccine distribution,...more
In Washington: The House on Wednesday passed a sweeping $1.9 trillion COVID-19 relief package in a 220-211 vote. No Republican lawmakers backed the legislation. Just one Democrat, Rep. Jared Golden (ME), opposed it. The White...more
The results of the 2020 elections are final and official. The 117th Congress is underway and Joe Biden and Kamala Harris will be inaugurated on January 20, 2021. Democrats narrowly control both chambers of Congress and a...more
Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. As of this writing, President Donald J. Trump has...more
Below is a broad overview of policies for which President-Elect Biden has indicated support (PDF). It is important to note that, while some of these policies fall under the President's executive power, many will require...more
Democrats and Republicans launch negotiations, each envisioning a broad-scale extension of previous efforts to stem the economic damage from COVID-19. Senate Republicans and House Democrats have both put forth proposals...more