News & Analysis as of

Internal Revenue Service Trump Administration

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Sheppard Mullin Richter & Hampton LLP

U.S. Department of Labor Announces Withdrawal of Trump-Era Independent Contractor Rule

On May 5, 2021, the U.S. Department of Labor (“DOL”) announced it is officially withdrawing, effective May 6, 2021, the rule promulgated under the Trump administration addressing the standard to determine whether an...more

Sheppard Mullin Richter & Hampton LLP

USTR Suspends Tariffs on Certain French Luxury Goods: A Potential Shift in Trade Talks

Key Takeaways: • Threatened 25% tariffs on French luxury goods are suspended. • USTR is still looking at tariffs in retaliation for taxes on U.S. global tech companies. • Biden’s new USTR will face immense pressure to...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, January 2021 # 8

Hogan Lovells on

In Washington: The House voted 232-197 to impeach President Trump for a second time on a charge of inciting insurrection over the Jan. 6 siege on the U.S. Capitol that left five people, including a Capitol Police officer,...more

McDermott Will & Emery

NMTC Extended through 2025 with $5 Billion Annual Appropriations

The New Markets Tax Credit (NMTC) program was extended through 2025 with a $5 billion annual appropriation as part of the Consolidated Appropriations Act, 2021, signed by President Trump on December 28, 2020. Before the...more

Schwabe, Williamson & Wyatt PC

Consolidated Appropriations Act, 2021: Tax Update

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the “Act”). The Act, which includes the COVID-19-related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax...more

Bradley Arant Boult Cummings LLP

How to Provide Employees $26,250 in Nontaxable Student Loan Repayment Assistance

The Taxpayer Certainty and Disaster Tax Relief Act, recently passed as part of the “Consolidated Appropriations Act, 2021,” has significantly extended the tax exclusions for employer-paid student loan repayment assistance...more

Bradley Arant Boult Cummings LLP

Retirement Plan Provisions in the New COVID-19 Relief Acts

The recently enacted COVID-19 Related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020, both of which are part of the “Consolidated Appropriations Act, 2021,” includes the following...more

Brooks Pierce

Mandatory COVID Leave Expires, but Tax Credits for Providing COVID Leave are Extended

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Starting Jan. 1, 2021, employers subject to the Families First Coronavirus Response Act (FFCRA) are no longer required to provide employees with COVID-related paid leave, but they may do so in some situations and still...more

Perkins Coie

Employee Benefit Provisions in the Consolidated Appropriations Act, 2021

Perkins Coie on

President Donald Trump signed into law the Consolidated Appropriations Act, 2021 (the Omnibus Bill) on December 27, 2020. The Omnibus Bill has received a great deal of media coverage due to its massive size (nearly 6,000...more

Schwabe, Williamson & Wyatt PC

Congress Makes Additional Paid Family Leave and Paid Sick Leave Optional

The dust has now settled on the new stimulus bill signed by President Trump on December 27, 2020. The changes to the Family First Coronavirus Recovery Act (“FFCRA”) was buried in over 5000 pages of text and provides a choice...more

Bradley Arant Boult Cummings LLP

New Temporary Special Rules for Flexible Spending Accounts

The president has signed into law the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which includes several temporary special rules aimed at minimizing forfeitures and increasing the utility of health and dependent...more

Pillsbury Winthrop Shaw Pittman LLP

Year-End Stimulus Bill Permits, but Does Not Mandate, Extension of FFCRA Leave

Late on December 27, 2020, President Trump signed into law an omnibus stimulus bill. The new legislation contained much needed extensions of unemployment benefits that have supported many Americans who have experienced...more

Verrill

FFCRA Leave Extended In New COVID-19 Relief Taking Care of HR Business

Verrill on

Congress’s 5593-page Consolidated Appropriations Act, passed by the Senate on December 21, 2020, and signed by the President last night (December 27, 2020), includes an extension of employer tax credits for leave provided...more

McDermott Will & Emery

COVID-19 Stimulus Bill Includes Key Renewable Energy Tax Credits

McDermott Will & Emery on

The US stimulus bill passed into law yesterday includes several key extensions and additions to the tax credits available for renewable energy. The bill had been agreed to by Congress early last week and signed into law by...more

UB Greensfelder LLP

Congress Permits Employers to Voluntarily Extend FFCRA Leave and Claim Tax Credits Through March 31, 2021

UB Greensfelder LLP on

In March 2020, the federal government passed the Families First Coronavirus Response Act (FFCRA), which required employers to provide paid leave to employees under certain circumstances related to the global coronavirus...more

Perkins Coie

Summary of Certain Business Tax Provisions in the Consolidated Appropriations Act, 2021

Perkins Coie on

After much political gridlock, Congress passed an omnibus government-spending bill (Appropriations Act), which includes another COVID-19 relief package. The Appropriations Act contains many tax-related provisions. Some of the...more

Foster Garvey PC

There Is a Santa Claus After All – Lawmakers Deliver a Wonderful Holiday Gift to Businesses and Their Owners in a Time of Need

Foster Garvey PC on

The Consolidated Appropriations Act, 2021 - In a bipartisan effort, H.R. 133-116th Congress: Consolidated Appropriations Act, 2021 (the "Consolidated Appropriations Act, 2021") overwhelmingly passed both the House and the...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, November 2020 # 11

Hogan Lovells on

In Washington: Sen. Chuck Grassley (R-IA) said on Tuesday that he would quarantine after exposure to COVID-19. Grassley added that he was "feeling well" and asymptomatic but that "it’s important we all follow public health...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, October 2020 # 15

Hogan Lovells on

In Washington: After several consecutive days of talks between House Speaker Nancy Pelosi (D-CA) and Treasury Secretary Steven Mnuchin it appears increasingly likely that Congress will have to wait to consider any COVID-19...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, October 2020 # 9

Hogan Lovells on

In Washington: President Trump said Thursday that he is willing to go higher than his current $1.8 trillion offer for the next coronavirus stimulus package as negotiations continue. “Go big or go home,” Trump told Fox...more

Snell & Wilmer

2020 End of Year Plan Sponsor “To Do” List (Part 1) Health and Welfare

Snell & Wilmer on

We are pleased to present our annual End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate Employee Benefits Updates. This Part 1 covers year-end health and welfare plan issues....more

Jones Day

Presidential Memorandum and IRS Notice 2020-65 Defer Employee Payroll Taxes

Jones Day on

The Situation: On August 28, 2020, the IRS published Notice 2020-65 allowing employers to defer withholding the employee portion of Social Security tax from paychecks. This payroll tax deferral is different from the one...more

Laner Muchin, Ltd.

IRS Issues Guidance on President Trump’s Payroll Tax Deferral Executive Order

Laner Muchin, Ltd. on

On August 8, 2020, President Trump issued an Executive Order to the Secretary of Treasury directing the Department to defer the obligation of employers to withhold, deposit, and pay the employee share of Social Security...more

Hinshaw & Culbertson LLP

IRS Issues Guidance on Presidential Memorandum Payroll Tax Deferral Opportunity

President Trump issued a Presidential Memorandum on August 8, 2020, directing the U.S. Secretary of the Treasury to use his authority to defer the "withholding, deposit and payment of certain tax obligations." This includes...more

Morgan Lewis

IRS Notice 2020-65 Provides Guidance on Deferring Employee Social Security Taxes

Morgan Lewis on

The US Department of the Treasury and the Internal Revenue Service have issued guidance with respect to US President Donald Trump’s August 8, 2020 Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing...more

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