News & Analysis as of

Federal Taxes CARES Act

Winthrop & Weinstine, P.A.

The Employee Retention Tax Credit: IRS Developments and Strategy for Taxpayers

The Employee Retention Tax Credit (“ERTC”), under the CARES Act, is a refundable tax credit filed against a company’s payroll taxes. The ERTC was enacted to incentivize employers to maintain their employee base during the...more

Farrell Fritz, P.C.

Budget Resolutions, Reconciliation And Tax Increases: Is it Time For The Weight-Challenged Individual To Sing?

Farrell Fritz, P.C. on

Procedural Mumbo Jumbo? Remember your civics class in elementary school? * * * . What’s that? Not really. * * *. Doodling, you say? * * * . The principal’s office? OK, what about high school social studies? * * * ....more

Farrell Fritz, P.C.

Taxes In New York’s FY 2022 Budget

Farrell Fritz, P.C. on

Budget Time in New York- Last week, we reviewed some of the tax measures discussed by Governor Cuomo in his report on the State of the State, and how they may affect New York businesses and their owners. Today, we’ll take...more

Bowditch & Dewey

The Tax Benefits of Giving Tuesday

Bowditch & Dewey on

Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year. The main purpose behind Giving Tuesday...more

Bowditch & Dewey

2020 End of Year Tax Planning for Businesses

Bowditch & Dewey on

As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: -...more

McDermott Will & Emery

Weekly IRS Roundup September 14 – September 18, 2020

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 14, 2020 – September 18, 2020... September 14, 2020: The IRS published final...more

Bowditch & Dewey

A Trap for the Unwary – IRS Denies Deductions for Expenses Paid with Forgiven PPP Loans

Bowditch & Dewey on

A central feature of the CARES Act, the Paycheck Protection Program (PPP), provided a lifeline to a multitude of small businesses during the early days of the Coronavirus pandemic. PPP loans were used to cover payroll...more

Farrell Fritz, P.C.

Wealth Inequality, COVID-19, Recession, The 2020 Election & The Estate Tax

Farrell Fritz, P.C. on

Politics and Wealth Inequality- As we approach the presidential convention season, and the election campaign that will follow, the thoughts of many business owners have turned to the federal estate tax, and for good...more

Farrell Fritz, P.C.

Liquidating Trusts, Reopening The Economy, And Creditors’ Rights

Farrell Fritz, P.C. on

Bad Times- Of course, you’ve noticed that we’re in the midst of an economic mess. The nearly complete shutdown of large segments of the U.S. economy beginning in March, in response to the COVID-19 crisis, both accelerated...more

Burr & Forman

South Carolina Confirms CARES Act Stimulus Payments Are Not Taxable

Burr & Forman on

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides individuals with a stimulus payment of $1,200 per adult, plus $500 for each qualifying child age 16 and under (subject to phase-outs for higher...more

Farella Braun + Martel LLP

Coronavirus and Federal Payroll Tax Credits: Relief Available for Cannabis Companies

The cannabis industry rarely looks to the federal government for support. Yet the raft of fiscal relief addressing COVID-19 has caused some in the industry to wonder what options, if any, might be available for them. ...more

Amundsen Davis LLC

CARES Act Provides Tax Incentives For Charitable Giving in 2020

Amundsen Davis LLC on

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a wide array of temporary tax benefits designed to encourage charitable giving during the 2020 calendar year. The most significant tax benefit is the...more

Faegre Drinker Biddle & Reath LLP

IRS Releases Coronavirus-Related FAQs for Retirement Plans and IRAs – Some Guidance Still Forthcoming

On March 27, Congress enacted the Coronavirus Aid, Relief and Economic Security (CARES) Act, a massive stimulus package in response to the global coronavirus pandemic. Section 2202 of the CARES Act provides certain...more

Maynard Nexsen

Continuing COVID-19 Impacts on Federal Taxation - UPDATED

Maynard Nexsen on

This is an update to an article originally released on March 31, 2020. The updates account for most of the administrative guidance released by the IRS and the descriptions in the JCT’s Bluebook. After some tense...more

Burr & Forman

S Corporation Owners Get Less than Partnership Owners and Self-Employed Individuals under Payroll Protection Program

Burr & Forman on

The Payroll Protection Program (PPP) under the CARES Act can provide eligible businesses with a forgivable loan from the government to be used to keep and pay employees, and for certain other purposes, and to help businesses,...more

Bass, Berry & Sims PLC

Overview of New SBA and IRS Guidance Regarding Paycheck Protection Program, Including the “Need” Certification and PPP Loan...

This alert has been updated to reflect further guidance issued by the Small Business Administration (SBA) on May 5, 2020 indicating that forthcoming rule changes will extend the repayment date for the safe harbor discussed...more

Foster Garvey PC

The IRS Has Determined That Taxpayers Who Obtain PPP Loan Forgiveness Cannot Have Their Cake and Eat It Too

Foster Garvey PC on

In Notice 2020-32, issued Thursday, April 30th, the IRS emphatically pronounced that taxpayers receiving Paycheck Protection Program (“PPP”) loans do not get to have their cake and eat it too! As we discussed in a recent...more

Locke Lord LLP

Federal Income Tax Considerations for Debt Workouts During an Economic Downturn

Locke Lord LLP on

As the economic impact of COVID-19 continues to evolve, many businesses are looking to restructure their debt to help navigate through the crisis. In the past several weeks, lenders have been inundated with such requests,...more

McDermott Will & Emery

Weekly IRS Roundup March 30 – April 3, 2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 30 – April 3, 2020. Additionally, for continuing updates on the tax impact of COVID-19,...more

Wilson Sonsini Goodrich & Rosati

COVID-19 Tax Relief: Congress Enacts Federal Income Tax Relief for Businesses

As part of the U.S. government's response to the economic disruption caused by the Novel Coronavirus (COVID-19), on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748 or the CARES Act) was...more

McAfee & Taft

CARES Act impact on Oklahoma tax code

McAfee & Taft on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and, among other relief provisions, amends the Internal Revenue Code to provide relief to businesses and individuals....more

Maynard Nexsen

Continuing COVID-19 Impacts On Federal Taxation - The CARES Act

Maynard Nexsen on

After some tense negotiations, near-misses, and threatened hold-outs, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) H.R. 748, into law on March 27, 2020. This third stimulus bill...more

Fox Rothschild LLP

Internal Revenue Service Publishes FAQs About Forthcoming Coronavirus Economic Impact Payments

Fox Rothschild LLP on

The Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most individuals. However, some...more

Snell & Wilmer

The CARES Act Includes Many Tax Incentives for Employers - Charitable Contribution Modifications

Snell & Wilmer on

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

Akin Gump Strauss Hauer & Feld LLP

CARES Act Summary – Tax

On March 25, 2020, the U.S. Senate released final text of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) to provide emergency economic assistance to those affected by the novel coronavirus...more

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