News & Analysis as of

CARES Act Adjusted Gross Income

Lowenstein Sandler LLP

OBBBA Provisions Impact Charitable Contribution Deductions

Lowenstein Sandler LLP on

On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (OBBBA). While OBBBA contains various provisions that impact high-net-worth individuals, this alert focuses on OBBBA provisions...more

Rivkin Radler LLP

Play for the Win-Win: Help a Charity While Benefitting Yourself

Rivkin Radler LLP on

Charitable giving helps to improve social well-being by supporting a broad range of areas including education, scientific research, alleviation of poverty, and others. To encourage donations, the federal government makes...more

Greenbaum, Rowe, Smith & Davis LLP

An Overview Of The American Rescue Plan

On March 11, 2021, President Biden signed The American Rescue Plan Act of 2021, a complex, broad-sweeping piece of legislation that provides economic stimulus relief payments to individuals, businesses, and state and local...more

Chambliss, Bahner & Stophel, P.C.

Top Estate Planning Considerations for Closing Out 2020

2020, a year full of uncertainty, is coming to a close. Our estate planning and tax team is here to help remove some of the uncertainty and speculation prevalent in today’s environment. Many people believe the holiday season...more

Farrell Fritz, P.C.

The IRS, Forgiven PPP Loans, And Business Deductions: Once Was A Mistake, Twice Is An Inexcusable Decision

Farrell Fritz, P.C. on

It has been more than eight months since the enactment of the CARES Act, yet here we are, with the end of 2020 in sight, and we are still debating whether taxpayers should be allowed to claim a deduction for business expenses...more

Shutts & Bowen LLP

Grow Your 2020 Charitable Giving: Increased Deductions under the CARES Act

Shutts & Bowen LLP on

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “Act”) provides emergency assistance and health care response for individuals, families, and businesses affected by COVID-19. The CARES Act also includes...more

Jackson Walker

Charitable Giving in the Time of Coronavirus

Jackson Walker on

It is no secret the Coronavirus has impacted the way Americans live their day-to-day lives. The virus has negatively affected many Americans’ jobs, livelihood, and finances. In such an uncertain time, it may be difficult to...more

WilmerHale

COVID-19: IRS Disappoints Expectations on PPP Tax Treatment

WilmerHale on

The CARES Act’s marquee stimulus provision for small businesses - forgivable loans under the paycheck protection program (“PPP”) - was supposed to come without a tax bill. Or at least that was what Congress seemed to say when...more

Benesch

Recovery Rebates Not Countable for Public Assistance Purposes

Benesch on

As has been widely publicized, the CARE Act includes a provision for one time payments, referred to as “recovery rebates”, of up to $1200 for some taxpayers and certain non-taxpayers. The amounts will vary depending upon...more

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