News & Analysis as of

American Rescue Plan Act of 2021 Tax Planning

Goodwin

Internal Revenue Code Section 162(m): Proposed Regulations

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On January 14, 2025, the Internal Revenue Service and the US Treasury Department issued proposed regulations under Section 162(m) of the Internal Revenue Code (Code) to implement changes under the American Rescue Plan Act of...more

Troutman Pepper Locke

IRS Issues Proposed Regulations on the Expanded Definition of "Covered Employee" Under Code Section 162(m)

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On January 16, the Internal Revenue Service (IRS) published proposed regulations ( 90 FR 4691) under Section 162(m) of the Internal Revenue Code. Section 162(m) generally limits the deductibility of compensation paid in any...more

Nutter McClennen & Fish LLP

IRS Issues New Proposed Regulations Under 162(m)

On January 14, 2025, the Internal Revenue Service (the “IRS”) issued new proposed regulations under section 162(m) of the Internal Revenue Code (the “Code”), supplementing regulations already in effect. Under section 162(m),...more

Stinson LLP

1099-K Reporting: More Time to Transition to the $600 Reporting Threshold

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In the American Rescue Plan Act of 2021, Congress and the Biden administration lowered the minimum reporting threshold for filing information returns relating to “reportable payment transactions” (a payment card is accepted...more

Eversheds Sutherland (US) LLP

IRS provides additional transition relief for third party settlement organizations reporting on Form 1099-K

On November 26, 2024, the IRS issued Notice 2024-85, providing a revised timeline for the transition to the $600 threshold in section 6050W(e), as amended by the American Rescue Plan Act of 2021, for third-party settlement...more

Kohrman Jackson & Krantz LLP

Preparing for Tax Season: 2023 Tax Updates

January 1 marks the start of the new year and with a new year, new tax law changes. If you’re an Ohio State Buckeye fan, your New Year did not begin exactly how you wanted to, but the year looks bright going forward. As we...more

Freeman Law

A Primer on the Employee Retention Credit (ERC)

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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

Kaufman & Canoles

2022 Premium Tax Credit Chart

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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

Franczek P.C.

IRS Confirms – Government Employers Are Now Eligible for COVID-19 Leave Tax Credits

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In new guidance, the IRS confirms that non-federal government employers may now be able to claim a tax credit to cover the cost of voluntarily providing paid sick and family leave to employees for COVID-19 related reasons....more

Akerman LLP - SALT Insights

Lights! Camera! Action! Shuttered Venue Operators Grants (SVOG) Takes Center Stage on April 8

On April 8, The Small Business Administration (SBA) finally opens its Shuttered Venue Operators Grant (SVOG) program, which was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, as part...more

Burr & Forman

PPP Loan Application Date Extended by Congress

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President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021 to May 31, 2021.  The new law gives qualifying businesses and...more

Holland & Knight LLP

Congress Expands Covered Employee Limits in Section 162(m) Through American Rescue Plan Act

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President Joe Biden on March 11, 2021, signed the American Rescue Plan Act of 2021 (ARPA), a $1.9 trillion conglomerate of COVID-19 relief, funding and tax legislation. While numerous other provisions of ARPA have received...more

Akerman LLP - HR Defense

Paid Leave and Payroll Tax Credits Under the American Rescue Plan

Employers wading through the $1.9 trillion American Rescue Plan Act may be wondering how it impacts paid leave and payroll tax credits made available under the Families First Coronavirus Response Act (FFCRA), enacted back in...more

Littler

Latest COVID-19 Relief Package Provides Tax Credits for Voluntary Paid Sick and Family Leave

Littler on

On March 11, 2021, President Biden signed H.R. 1319, the American Rescue Plan Act of 2021, which extends tax credits for private employers with 499 or fewer U.S. employees that voluntarily decide to provide emergency paid...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

Groom Law Group, Chartered

[Webinar] COVID-19 Legislative Update – Health, Pension and Tax Provisions in the American Rescue Plan Act - March 16th, 1:00 pm -...

On March 10, 2021, the House of Representatives passed the American Rescue Plan Act (H.R. 1319, the “Act”), sending it to President Biden for his signature later this week. The Act includes a number of significant health,...more

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