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Coronavirus/COVID-19 › Taxable Income

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +
Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -
Ropes & Gray LLP

2025 Tax Legislation Update: One Big Beautiful Bill Act Narrowly Passes Senate

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The “One Big Beautiful Bill Act” (the “BBB”) was passed by the U.S. House of Representatives on May 22, 2025 (such version, the “House Bill”) as part of the Republican Congress’s reconciliation package. The BBB generally...more

Harris Beach Murtha PLLC

IRS Confirms that Improperly Forgiven Paycheck Protection Program Loans are Taxable Income

Harris Beach Murtha PLLC on

The Paycheck Protection Program (“PPP”) was a U.S. Small Business Administration loan program created under the CARES Act to help struggling businesses keep their workforce employed during the COVID-19 crisis. One of the...more

Jones Day

Telehealth Awareness Week: Insights on Telehealth

Jones Day on

In support of the American Telemedicine Association's Telehealth Awareness Week (September 19-25, 2021), Jones Day's Digital Health team shared key insights on various legal topics applicable to telehealth. Jones Day's...more

Ervin Cohen & Jessup LLP

California Assembly Bill No. 80: Tax Treatment of Forgiven Paycheck Protection Program Loans

Ervin Cohen & Jessup LLP on

Our previous articles have summarized the Paycheck Protection Program (“PPP”) created under the Federal CARES Act: CARES Act: Paycheck Protection Program Loans, CARES Act: Loan Applications, CARES Act: Loan Forgiveness...more

Rivkin Radler LLP

New York Is Poised For Some Significant Tax Increases

Rivkin Radler LLP on

Are the rich making enough of a contribution to society? Are they bearing their fair share of taxes? Many New York legislators don’t think so. Following the elections of November 2020, the State’s Democratic party secured...more

Farrell Fritz, P.C.

How Dealings Between Related Parties Doomed A Captive Insurer

Farrell Fritz, P.C. on

Insurance: What is it? How does it work? Assume that Acme Co is paying premiums for commercial insurance coverage to protect itself from economic losses that may arise out of various events. These premiums are deductible...more

Farrell Fritz, P.C.

Corporate Tax Hike On The Horizon: Using Reasonable Compensation To Withdraw Value

Farrell Fritz, P.C. on

Corporate Rate Increase? We begin this week with the Senate having passed the President’s $1.9 trillion coronavirus relief and economic stimulus plan (the “American Rescue Plan” following a marathon session during which...more

McCarter & English, LLP

PPP 2.0 Changes To Prioritize Underserved Small Businesses

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President Biden has announced changes to the Paycheck Protection Program 2.0 (PPP) designed to direct more funding to women-owned and minority-owned businesses as well as low- and moderate-income, rural, and other underserved...more

McDermott Will & Schulte

New Final Regulations Revise Rules on the Application of Section 163(j) to CFCs

McDermott Will & Schulte on

As amended by the Tax Cuts and Jobs Act (TCJA), section 163(j) of the Internal Revenue Code (the Code) provides that a taxpayer’s interest expense is deductible only to the extent of the sum of: (i) the taxpayer’s interest...more

Weintraub Tobin

COVID Relief Bill: PPP-Paid Expenses Are Deductible

Weintraub Tobin on

This past Monday, December 21, a $900 billion pandemic relief bill came out of the U.S. House and Senate. It is called the Consolidated Appropriations Act, 2021. If President Trump signs it, it will become law. Weighing in at...more

Farrell Fritz, P.C.

New York’s Proposed “Billionaires’ Tax” – Bad Idea

Farrell Fritz, P.C. on

Will They Leave? Over the years, the Democrats in Albany have regularly made noise about increasing the rates at which New York State taxes the income of its wealthier residents. With the election of Governor Cuomo in...more

Farrell Fritz, P.C.

Taxing Cannabis During The Pandemic

Farrell Fritz, P.C. on

How Are You Doing? How are you coping with social distancing? Are you working remotely? If so, has it been as “seamless” as you would have others believe? Have you snuck out to visit family or close friends, or have they...more

Vinson & Elkins LLP

The Challenges Of Remote Working With A Globally Mobile Workforce

Vinson & Elkins LLP on

Time will tell whether the current pandemic will result in a significant long-term shift towards remote working, but in the short- and medium-term, employers continue to grapple with issues that arise with employees working...more

Foley & Lardner LLP

Re-Thinking Fringe Benefits for Your Newly-Remote Workforce? Do You Know Whether They’re Taxable? (The IRS Will…)

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While there has been some improvement in the spread of COVID-19 in the US, the daily count of new cases remains high. As a result, many large employers have extended their remote working policies through the fall, with others...more

Farrell Fritz, P.C.

NYC Real Estate: Post-Virus Tax Planning Can Help

Farrell Fritz, P.C. on

NYC Real Estate on the Ropes- In March of this year, the Department of Homeland Security classified real estate as an “essential business.” I imagine that the person in Washington who suggested that real estate be added to...more

McDermott Will & Schulte

New Proposed Regulations Would Revise the Application of Section 163(j) to CFCs

McDermott Will & Schulte on

As amended by the Tax Cuts and Jobs Act (TCJA), section 163(j) of the Internal Revenue Code (the Code) provides that a taxpayer’s interest expense is deductible only to the extent of the sum of: (i) the taxpayer’s interest...more

Farrell Fritz, P.C.

An S Corporation In New York City: Eschew Obfuscation – Or Not

Farrell Fritz, P.C. on

NYC: A “Helluva” Town, for S corps- Of late, I’ve received a surprising number of inquiries regarding the taxation of S corporations doing business in New York City (“NYC”). As many of you know, NYC does not recognize...more

Maynard Nexsen

North Carolina Opts-Out of Many of the Taxpayer Favorable Provisions of the CARES Act

Maynard Nexsen on

In an effort to prevent further drain and strain on North Carolina’s revenues Governor Roy Cooper signed H.B. 1080 (Sess. Law 2020-58) into law on June 30, 2020. The widely-supported bill allows North Carolina to opt-out or...more

Pierce Atwood LLP

COVID-19: Expenses Paid with PPP Loans Are Not Tax-Deductible

Pierce Atwood LLP on

Late on April 30, 2020 the IRS provided rather unwelcome guidance to Paycheck Protection Program (PPP) loan borrowers and potential borrowers. IRS Notice 2020-32 provides that no deduction will be allowed for otherwise...more

McNees Wallace & Nurick LLC

Non-deductibility of Expenses Incurred in Connection with PPP Loan Forgiveness

McNees Wallace & Nurick LLC on

The good news for PPP borrowers is that there is no cancellation of indebtedness taxable income generated by the forgiveness of any of the PPP loan.  The not-so-good news is that on April 30, the IRS issued Notice 2020-32,...more

Bilzin Sumberg

COVID-19 Update: How U.S. Real Estate Investors May Reduce Taxable Income

Bilzin Sumberg on

This update is meant to provide U.S. investors in real estate with information regarding a federal tax election that may ease the federal income tax burden of income created by debt forgiveness, including any reductions in...more

Lowndes

CARES Act Eases Limitation on Deducting Business Interest Expenses

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The 2017 Tax Cuts and Jobs Act introduced a new Section 163(j) limitation on taxpayers deducting business interest expense (our prior discussion of this tax law change can be found). ...more

Chambliss, Bahner & Stophel, P.C.

How Changes to Claiming Net Operating Losses Under the CARES Act Impact Businesses

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Under the CARES Act, taxpayers with 2018, 2019, and 2020 net operating losses (“NOLs”) may now be able to obtain tax relief by filing amended returns to claim tax refunds by offsetting taxable income from prior years. The...more

Snell & Wilmer

Gift Tax and GST Tax

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On March 13, 2020, the President of the United States issued an emergency declaration in response to the ongoing COVID-19 pandemic. The Emergency Declaration instructed the Secretary of the Treasury to provide relief from tax...more

Troutman Pepper Locke

Tax Considerations For Employers Providing COVID-19 Disaster Relief

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The COVID-19 pandemic has caused employers to focus on ways they can help employees who have been victims of the disaster....more

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