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Income Taxes › Financial Stimulus

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Foster Garvey PC

Eligibility for Federal Stimulus Benefits Appears to Be Benign, But When You Peel Away the Onion, a Major Flaw Appears

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During the COVID-19 pandemic, the federal government enacted three major pieces of legislation to provide financial relief to individuals and families. The American Recovery Plan Act (“ARPA”), the most recent legislation,...more

Gould + Ratner LLP

The Latest COVID-19 Stimulus: Highlights of Key Tax Provisions in the American Rescue Plan Act of 2021

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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

Hogan Lovells

Coronavirus: The Hill and the Headlines, March 2021 # 13

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In Washington: The Internal Revenue Service (IRS) is planning to extend the tax-filing deadline to mid-May, according to two top House Democrats. A news release Wednesday from House Ways and Means Committee Chairman Richard...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, February 2021 # 16

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In Washington: The House Budget Committee approved legislation for a $1.9 trillion coronavirus relief package on Monday evening, with a full House vote is expected at the end of this week. So far, House Democrats expect a...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, February 2021 # 11

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In Washington: President Biden will join leaders of the Group of Seven (G-7) nations this Friday for a virtual summit focused on the global response to COVID-19, the White House said Sunday. Other discussions at the summit...more

Ruder Ware

Stimulus Payments: When Should I File My 2020 Taxes?

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With Congress still negotiating a third round of stimulus payments, you should carefully consider when to file your taxes this tax season. Tax season begins February 12th and ends April 15th. Filing your taxes earlier or...more

Gould + Ratner LLP

New Stimulus Allows Faster Depreciation of Certain Residential Rental Property Held by Electing Real Property Trades or Businesses

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The stimulus package passed last month may help certain Electing Real Property Businesses by including a provision that allows a shorter depreciation period for residential rental property acquired prior to January 1, 2018. ...more

Fisher Phillips

What Employers Need To Know About Latest Federal COVID-19 Stimulus Package

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Federal lawmakers agreed to a second round of stimulus legislation late last night, sending a nearly 6,000-page bill to President Trump for his expected signature. The proposal allocates $900 billion in economic relief to...more

Brownstein Hyatt Farber Schreck

Coronavirus Economic Response Update: June Jobs Report Signals Recovery

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This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation and regulatory guidance from various...more

Dentons

State Tax Treatment of Funds Received Through COVID-19 Relief Efforts

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Over the last several months, businesses and individuals have received funds through various COVID-19 relief efforts. They now may be wondering what, if any, impact these funds will have on their tax returns next year....more

Burr & Forman

South Carolina Confirms CARES Act Stimulus Payments Are Not Taxable

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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

Troutman Pepper

How to Navigate the After Effects of the U.S. Stimulus Packages

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Your company received stimulus funding, what do you need to know now? Join us for an update on the Paycheck Protection Program and other funding packages as well as a discussion of what you need to know to stay compliant and...more

Ruder Ware

IRS Provides Information on Where to Send Deceased Individual’s Stimulus Check

Ruder Ware on

On the same day we published the article My Deceased Family Member Received a COVID-19 Stimulus Check, Now What? the IRS provided guidance on how to return stimulus payments that were made under the CARES Act to deceased...more

Ruder Ware

My Deceased Family Member Received a COVID-19 Stimulus Check, Now What?

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There has been significant publicity surrounding the issue of deceased individuals receiving stimulus checks under the CARES Act. It is far more common than you may think, simply because of the speed in which our government...more

A&O Shearman

Congress Passes Largest Ever Economic Stimulus Package: Key Provisions Of Cares Act - Update April 2020

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Originally published March 27,2020 – Last updated April 27,2020 The Novel Coronavirus (COVID-19) pandemic has swiftly and significantly unsettled key sectors of the U.S. economy, impacted the viability of many businesses and...more

Pillsbury Winthrop Shaw Pittman LLP

CARES Act Planning Opportunities for Retirement Accounts and Charitable Giving

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Taking advantage of retirement account planning and charitable giving opportunities created under the new stimulus package. Required Minimum Distributions are waived for 2020, allowing further income tax deferral until at...more

Wilson Sonsini Goodrich & Rosati

Tax Relief Under the CARES Act

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On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion stimulus package thought to be the largest in U.S. history. The CARES Act contains several key...more

Burr & Forman

Congress Retroactively Removes Limits on Excess Business Losses in CARES Act Affected Taxpayers Should Apply for 2018 and 2019...

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While the Coronavirus has delayed tax season by a few months, Congress’s response may have created the first ever refund season in the recently passed and much discussed relief package known as the Coronavirus Aid, Relief,...more

Goodwin

Business And Individual Income Tax Provisions Of The Cares Act

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On Friday, March 27, Congress passed, and the President signed, the bipartisan “Coronavirus Aid, Relief, and Economic Security Act” (the “Act”), a $2 trillion economic stimulus plan to provide funding and tax relief to...more

Jackson Walker

The CARES Act: Tax Relief and Incentives

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Friday, March 27th, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act contains significant tax relief for individuals and businesses. Below are the tax highlights....more

Miller Canfield

CARES Act: Tax-Related Provisions

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The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes provisions to provide employment tax credits and relief to businesses and to reduce or eliminate the restrictions on the use of losses or deductions....more

Stoel Rives LLP

Tax Law Update: CARES Act Includes Tax Relief for Businesses and Individuals

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President Trump Friday, March 27th, signed into law the Coronavirus Aid, Relief, and Economic Security Act (Act). The Act contains a series of provisions designed to provide economic stimulus and tax relief to individuals and...more

Blank Rome LLP

The CARES Act: Basic Federal Income Tax Provisions Affected by COVID-19

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On March 27, 2020, the Federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in the wake of the coronavirus (“COVID-19”) pandemic. The CARES Act, in part, provides relief to...more

Fox Rothschild LLP

Internal Revenue Service Publishes FAQs About Forthcoming Coronavirus Economic Impact Payments

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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

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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

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