News & Analysis as of

CARES Act Internal Revenue Service Income Taxes

McDermott Will & Emery

“Big, Beautiful Bill”: Federal Tax Bill Would Restrict the Employee Retention Credit

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A sweeping federal tax bill that is currently under consideration in the US House of Representatives contains provisions that would significantly change the administration and enforcement of the Employee Retention Credit...more

Bradley Arant Boult Cummings LLP

How New IRS Actions Affect Your ERC Claim

With the passage of the 2020 CARES Act, Congress created the Employee Retention Credit (ERC) for eligible employers whose operations were impacted by the COVID-19 pandemic. The IRS, however, stopped processing new ERC claims...more

ArentFox Schiff

Investigations Newsletter: Home Health Care Owner Sentenced to Nine Years in Prison for Medicare Fraud Scheme

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Home Health Care Owner Sentenced to Nine Years in Prison for Medicare Fraud Scheme - This week, the owner of a home health company was sentenced to nine years in prison for orchestrating a nearly $2.8 million scheme...more

Dickinson Wright

IRS Orders Immediate Stop to New Employee Retention Credit Claims and Announces Future Settlement Program

Dickinson Wright on

The Employee Retention Tax Credit (“ERC”), enacted as a part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), is a fully refundable tax credit for employers, which is up to $26,000 per eligible...more

Rivkin Radler LLP

Enough Already – Eliminate Downward Attribution and Accidental CFCs

Rivkin Radler LLP on

It’s Complicated- The Code includes a number of complex rules that are aimed at those overseas business and investment activities of U.S. taxpayers that Congress has determined may result in the improper deferral or...more

McDermott Will & Emery

Weekly IRS Roundup April 17 – April 21, 2023

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Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2023 – April 21, 2023...more

Foley & Lardner LLP

Cos. Should Heed IRS Warnings About Employee Tax Credit

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For most businesses, turning the calendar to 2023 meant putting the pandemic and any of its tax-related effects further in the rearview mirror. One notable exception, however, is the employee retention credit, or ERC,...more

McDermott Will & Emery

Weekly IRS Roundup April 10 – April 16, 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 April 10, 2022 – April 16, 2022... April 11, 2022: The IRS issued a news release, reminding...more

McDermott Will & Emery

Weekly IRS Roundup February 27 – March 5, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 27, 2022 – March 5, 2022... March 1, 2022: The IRS issued final regulations increasing...more

McDermott Will & Emery

Weekly IRS Roundup January 30 – February 5, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2022 – February 5, 2022... January 31, 2022: The IRS issued Revenue Procedure...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Issues Guidance on Reporting of Tax-Exempt Income under PPP

The Internal Revenue Service issues three Revenue Procedures detailing how taxpayers can account for tax-exempt cancellation of indebtedness income arising from forgiven Paycheck Protection Program loans in their Federal tax...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Make Your Year-End Charitable Gifts to Take Advantage of Expanded Tax Benefits

Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to...more

McDermott Will & Emery

Weekly IRS Roundup September 20 – 24, 2021

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 20 – 24, 2021. September 22, 2021: The US Department of the Treasury (Treasury) and...more

Schwabe, Williamson & Wyatt PC

Extension of Charitable Giving Benefits under the CARES Act for 2021

Starting in 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) expanded the deductibility of charitable contributions to incentivize charitable giving during 2020. The Consolidated Appropriations...more

McDermott Will & Emery

Weekly IRS Roundup March 29 – April 2, 2021

Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 29, 2021 – April 2, 2021. March 29, 2021: The IRS issued Notice 2021-21 and an...more

Lathrop GPM

Spring 2021 Charitable Giving Update

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As spring arrives, it is time for a look at the latest tax changes and their effects on individuals and nonprofits making gifts and receiving contributions. 2021 presents an opportunity to take advantage of increased...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, March 2021 # 12

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In Washington: President Biden on Tuesday began what is expected to be a weeks-long sales pitch to tout the new coronavirus relief package. Biden visited Smith Flooring in Chester, Pennsylvania, a small business that received...more

BakerHostetler

[Podcast] How Will States Tax Forgiven PPP Loans?

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The CARES Act created the Paycheck Protection Program. The PPP allowed businesses to secure forgivable SBA loans. Federal taxation of forgiven loans and related expenses are quite favorable - will states follow suit? Matt...more

Sullivan & Worcester

Key Provisions of the Consolidated Appropriations Act, 2021 for Businesses and Individuals

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On December 27, 2020, the Consolidated Appropriations Act, 2021 ("CAA" or the "Act") was signed into law. The 2,100+page CAA is made up of 32 Divisions. The significant business and individual taxpayer related provisions are...more

McGlinchey Stafford

When Is Form 1099-C Required of Lenders? [More with McGlinchey, Ep. 16]

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When debt is forgiven, as much of the funding lent through the CARES Act’s PPP may be, a lender may be required to file IRS Form 1099-C with the IRS and to furnish a copy to the borrower. As a lender, do I need to file the...more

Bradley Arant Boult Cummings LLP

ADOR Affirms Deductibility of PPP Loan-Related Expenses but Unanswered Conformity Questions Remain

The Alabama Department of Revenue issued helpful guidance on January 7, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation. The new guidance affirms the...more

Flaster Greenberg PC

How to Make Filing Your 2020 Returns Less Taxing

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Unquestionably, 2020 was a year full of unforeseen challenges. As much as we may want to put last year completely behind us, we need to file our 2020 tax returns before completely letting go. Although we speak about the...more

Bradley Arant Boult Cummings LLP

Alabama Governor Issues Proclamation on Extending State Incentives and Exempting CARES Act Aid

In a welcomed move by the business community, Gov. Kay Ivey on Friday morning issued a proclamation that would exempt certain CARES Act benefits from Alabama income tax and would extend the sunset (expiration) date of two of...more

Foley & Lardner LLP

End-of-Year Tax Planning for High Net Worth Individuals

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We are nearing the end of calendar year 2020 (thankfully!) and it is time to consider end-of-year tax planning. Due to the outcome of the election, there is significantly more certainty about the possibility of tax law...more

UB Greensfelder LLP

Congress Confirms Tax Deductions for Expenses Paid with PPP Loans, Extends Other Tax Provisions

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Congress gave recipients of loans under the Paycheck Protection Program (PPP) a holiday present when it confirmed the deductibility of expenses paid with proceeds of a PPP loan that is forgiven. This confirmation is part of...more

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