On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA), an approximately $2.3 trillion omnibus appropriations bill to fund the government through September of 2021 that includes $900 billion of...more
The IRS recently updated its Employee Retention Tax Credit (ERTC) FAQs, providing additional guidance regarding the effect on ERTC eligibility of mergers and acquisitions involving Paycheck Protection Program (PPP) loan...more
On May 21, 2020, the Department of the Treasury (Treasury) released proposed regulations (the proposed regulations)* regarding the new five-year credit period for the historic rehabilitation tax credit (HTC) under Section 47...more
Businesses searching for immediate cash should not overlook the fully refundable employee retention tax credit (ERTC), which permits employers to reduce their deposits of federal employment taxes and even request advances...more
The New Markets Tax Credit (NMTC) Program is intended to facilitate flexible, long-term investments in businesses located in low-income communities. The attributes of the program are particularly helpful during situations...more
On Dec. 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act (the “Act”), enacting broad reforms to the Internal Revenue Code. In previous BakerHostetler Alerts published Nov. 8 and Nov. 10, we outlined...more
On Nov. 9, 2017, the Joint Committee on Taxation released its “Description of the Chairman’s Mark of the Tax Cuts and Jobs Act” (the “JCT Description”). The JCT Description summarizes the initial draft of the Senate Finance...more
On Nov. 2, the House Ways and Means Committee released draft statutory text (the "Bill") of the proposed Tax Cuts and Jobs Act (the "Act"), the long-awaited Republican tax reform bill. On Friday, Nov. 3, Kevin Brady, Chairman...more