News & Analysis as of

Tax Credits American Rescue Plan Act of 2021

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Places Moratorium on New Employee Retention Tax Credit Processing

On September 14, 2023, the Internal Revenue Service (IRS) released Employee Retention Credit (ERC) guidance placing a moratorium on processing new ERC claims due to a surge in questionable claim submissions. Claims already...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Finalizes Rules to Collect Taxes on Erroneously Claimed Employee Retention Credits and Other COVID-19 Tax Credits

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have finalized rules for the recapture of erroneously claimed Employee Retention Credits (ERC) and other tax credits provided to employers for...more

Trusaic

ACA Penalty Letter 226J on The Rise

Trusaic on

The last several years have been difficult for the IRS, but now that the agency is almost through its historic backlog, it is making significant progress on a long list of to-do items, including issuing ACA penalties....more

Trusaic

Understanding ACA Affordability for 2023 Tax Year

Trusaic on

Since ACA reporting was first required by employers in 2015, the affordability component under the Employer Mandate was established each year by indexing the standard of 9.5%. This has always been the case, that is, until...more

Freeman Law

A Primer on the Employee Retention Credit (ERC)

Freeman Law on

The Employee Retention Credit – Introduction. Congress acted quickly during the worldwide COVID-19 pandemic to provide hiring and other economic incentives to employers. One particularly helpful relief provision—the employee...more

McDermott Will & Emery

Weekly IRS Roundup February 20 – February 26, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2022 – February 26, 2022... February 22, 2022: The IRS issued a correction to...more

Manatt, Phelps & Phillips, LLP

Build Back Better: All Eyes on the Senate

The Big Picture - On November 19, the House of Representatives passed the Build Back Better Act (BBB) (H.R. 5376) by a vote of 220–213. The BBB contains a number of health and social policy priorities that are widely viewed...more

Holland & Knight LLP

Update for Employers: Recent Legislation Improves, Extends Employee Retention Credit

Holland & Knight LLP on

Please note: This alert has been updated with new developments after the enactment of the Infrastructure Investment and Jobs Act. The Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized a refundable tax...more

Groom Law Group, Chartered

Infrastructure Investment and Jobs Act Expands Interest Rate Smoothing and Disaster Relief Provisions

On November 15, 2021, President Biden signed the Infrastructure Investment and Jobs Act (the “IIJA”) into law. IIJA contains two sections that may affect qualified retirement plans....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Infrastructure Investment and Jobs Act Repeals Employee Retention Credits as of September 30, 2021

President Biden’s signing of the Infrastructure Investment and Jobs Act (IIJA) on November 15, 2021, retroactively eliminates an employer’s ability to claim employee retention credits (ERC) for eligible wages paid after...more

Kaufman & Canoles

2022 Premium Tax Credit Chart

Kaufman & Canoles on

John Peterson has created a 2022 Premium Tax Credit Chart, updated for the American Rescue Plan Act. 1. Locate line where estimated 2022 household income & household size intersect 2. First column shows household % of...more

Husch Blackwell LLP

New Federal Infrastructure Legislation Eliminates Employee Retention Credit

Husch Blackwell LLP on

On Monday, November 15, President Joseph Biden signed the $1.2 trillion Infrastructure Investment and Jobs Act (the Infrastructure Act). Although the legislation contains only a few tax provisions, one surprising change is...more

Lowenstein Sandler LLP

Navigating the Nuances of the COBRA Subsidy Under the American Rescue Plan Act

Lowenstein Sandler LLP on

Hosts Andrew Graw and Megan Monson discuss the American Rescue Plan Act of 2021 (ARPA) as part of the new (third) COVID-19 stimulus relief bill. The ARPA assists qualifying individuals who lose coverage under an employer’s...more

Akerman LLP - HR Defense

Deadline Triggered as COBRA Premium Subsidy Ends

Employers and plans are reminded that they must provide a COBRA subsidy expiration notice no later than September 15, 2021, pursuant to the American Rescue Plan Act of 2021 (ARPA). ARPA had included some new COBRA obligations...more

Morgan Lewis - ML Benefits

American Rescue Plan Act of 2021 COBRA Subsidy Expiration Notice Is Due

The American Rescue Plan Act of 2021 (ARPA) provides for a 100% COBRA premium subsidy for up to six months, from April 1, 2021 through September 30, 2021, for Assistance Eligible Individuals (AEIs) as defined under the...more

Nutter McClennen & Fish LLP

Employee Retention Tax Credits: Additional Guidance for Economically Challenged Businesses

The IRS issued Notice 2021-49 (the “Notice”) on August 4, 2021 to provide additional guidance on the Employee Retention Tax Credit (“ERTC”) applicable to the third and fourth quarters of 2021....more

Husch Blackwell LLP

IRS Expands Employer Tax Credits For Paid COVID-19 Vaccination Leave

Husch Blackwell LLP on

On July 29, 2021, the Internal Revenue Service (IRS) updated the FAQs relating to paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARPA). The update adds provisions that expand the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Issues Additional Guidance on the COBRA Subsidy

On July 26, 2021, the Internal Revenue Service (IRS) released Notice 2021-46 to provide additional guidance on the Consolidated Omnibus Budget Reconciliation Act (COBRA) subsidy under the American Rescue Plan Act of 2021...more

Morgan Lewis - ML Benefits

IRS Provides Second Round of FAQs on COBRA Subsidies

As we get closer to the September 30 expiration date of the COBRA premium subsidy provided under the American Rescue Plan Act (ARPA), the IRS has issued a second set of FAQs in Notice 2021-46 (Notice) to supplement its prior...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Beltway Buzz - August 2021

RIP, Richard Trumka. AFL-CIO President Richard Trumka died unexpectedly this week at the age of 72. A former coal miner, Trumka became president of the United Mine Workers of America in 1982....more

Bond Schoeneck & King PLLC

IRS Updates American Rescue Plan Act Guidance

On July 29, 2021, the Internal Revenue Service (IRS) updated its Tax Credits for Paid Leave Under the American Rescue Plan Act (ARPA) of 2021 Guidance (the Guidance). As a reminder, private sector employers with fewer than...more

Jackson Lewis P.C.

IRS Updates FAQs To Include Leave To Accompany Someone To A COVID-19 Vaccination Or To Care For Someone For COVID-19...

Jackson Lewis P.C. on

The American Rescue Plan Act of 2021 (ARPA) extends tax credits available to covered employers who provide qualified sick and family leave wages (within the meaning of ARPA) to their employees between April 1, 2021 through...more

Fisher Phillips

IRS Provides Further Clarity to Employers on Stimulus Tax Credits

Fisher Phillips on

The Internal Revenue Service recently released a Notice to further explain its position on certain issues related to the COBRA premium assistance and corresponding tax credits available under the American Rescue Plan Act of...more

Ballard Spahr LLP

COBRA Premium Subsidies - A Little More Guidance (and a Reminder)

Ballard Spahr LLP on

The IRS issued a new notice that provides guidance on a few issues that were not fully addressed in its earlier notice on the Consolidated Omnibus Budget Reconciliation Act (COBRA) premium subsidy requirements set forth in...more

Groom Law Group, Chartered

IRS Releases New COBRA Subsidy Guidance . . . With Less Than A Week Until Forms 941 Are Due!

On July 26, 2021, the IRS released Notice 2021-46 (the “Notice”), which provides new guidance on the 100% COBRA premium subsidies (the “Subsidies”) and the related tax credit under the American Rescue Plan Act of 2021 (March...more

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