News & Analysis as of September 24, 2024

Tax Relief

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Payroll taxes are taxes that are often calculated and remitted based on a percentage of an employee's wages, but they can also include fixed charges. Payroll taxes consist of two types of taxes: 1) taxes that are withheld by an employer from an employee's wages and 2) taxes paid by an employer based on the amount of an employee's wages. These taxes may be advanced income tax payments on behalf of an employee. They are also employer and employee payments to a variety of government programs, such as social security, and unemployment/disability insurance. less -

Estate and Income Tax Provisions in Pending Massachusetts Tax Relief Package

Nutter McClennen & Fish LLP on 10/2/2023

The Massachusetts House and Senate voted in favor of a Massachusetts tax relief bill. The legislation is now on Governor Maura Healey’s desk, and she has until October 8th to act. More than two decades have passed since the...more

Germany’s Energy Price Allowance Payments for Employees - What Employers Need to Know

Ogletree, Deakins, Nash, Smoak & Stewart,... on 7/1/2022

Under the new German Tax Relief Act 2022, as of September 1, 2022, employees subject to income tax are entitled to a one-time lump-sum energy price allowance in the amount of €300. The allowance is intended to mitigate the...more

Will the HEALS Act Take Mobile Workforce Tax Relief Across the Finish Line?

BakerHostetler on 9/14/2020

For the last decade, the Mobile Workforce State Income Tax Simplification Act has languished in Congress. Will it get passed by piggybacking on the HEALS Act? Matt Hunsaker explains the history of the Act, the latest...more

Potential Payroll Tax Deferral Is Available – Employers Must Understand the Program and Use Extreme Caution Before Blindly Jumping...

Foster Garvey PC on 9/2/2020

On August 8, 2020, President Trump issued an executive order, directing the U.S. Treasury to grant employers the ability to defer the withholding, deposit and payment of certain payroll taxes as further COVID-19 tax relief....more

IRS issues guidance on Social Security tax deferral

Bowditch & Dewey on 9/1/2020

On August 28, the IRS issued Notice 2020-65 to provide guidance on the President’s decision to allow deferral of the employee portion of Social Security taxes owing for the rest of 2020 for employees earning up to $104,000...more

How to Free Up Access to Employer Assets and/or Ease Employee Access to Vested Benefits During COVID-19

Troutman Pepper on 8/27/2020

Who Needs to Know - Employers and Employees Impacted by COVID-19. Why It Matters - Employers and employees alike continue to feel the impact of the COVID-19 pandemic. Despite a variety of tax incentives, employers may...more

PROVIDING COVID-19 FINANCIAL RELIEF: How to Free Up Access to Employer Assets and/or Ease Employee Access to Vested Benefits

Troutman Pepper on 8/27/2020

Q. Are there any COVID-related tax incentives that could benefit employers and employees?...more

Social Security Taxes Could Be Deferred for the Rest of 2020

Bowditch & Dewey on 8/20/2020

Under the CARES Act passed on March 27, 2020, Congress allowed employers and self-employed workers to defer payment of their portion of Social Security taxes that will accrue between March 27 and December 31, 2020. Fifty...more

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

Farella Braun + Martel LLP on 5/27/2020

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

Updates on Tax Deadlines and Key Tax Provisions of the CARES Act

Lowenstein Sandler LLP on 4/21/2020

Over recent days, the Internal Revenue Service has extended certain tax filing and payment deadlines and issued guidance on some provisions of the recently-enacted Coronavirus Aid, Relief, and Economic Security Act (the CARES...more

CARES Act Provides Significant Payroll Tax Relief and Relief for Business Taxpayers and Individuals

Dorsey & Whitney LLP on 4/7/2020

The federal Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”), signed into law on March 27, 2020, contains significant (and mostly temporary) changes to federal tax law that provide immediate...more

Tax Relief Under the CARES Act

Wilson Sonsini Goodrich & Rosati on 4/3/2020

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

Business And Individual Income Tax Provisions Of The Cares Act

Goodwin on 4/1/2020

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

The CARES Act: Tax Relief and Incentives

Jackson Walker on 4/1/2020

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

Key Tax Provisions of the CARES Act

Burr & Forman on 3/31/2020

The COVID-19 or Coronavirus has disrupted demand in many industries and is wreaking havoc on budgets and cash flow projections. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act),...more

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

Blank Rome LLP on 3/31/2020

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

CARES Act Summary – Tax

Akin Gump Strauss Hauer & Feld LLP on 3/30/2020

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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