News & Analysis as of

Federal Taxes CARES Act Income Taxes

McDermott Will & Schulte

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

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

Farrell Fritz, P.C.

Taxes In New York’s FY 2022 Budget

Farrell Fritz, P.C. on

Budget Time in New York- Last week, we reviewed some of the tax measures discussed by Governor Cuomo in his report on the State of the State, and how they may affect New York businesses and their owners. Today, we’ll take...more

Bowditch & Dewey

The Tax Benefits of Giving Tuesday

Bowditch & Dewey on

Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year. The main purpose behind Giving Tuesday...more

Bowditch & Dewey

2020 End of Year Tax Planning for Businesses

Bowditch & Dewey on

As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: -...more

Bowditch & Dewey

A Trap for the Unwary – IRS Denies Deductions for Expenses Paid with Forgiven PPP Loans

Bowditch & Dewey on

A central feature of the CARES Act, the Paycheck Protection Program (PPP), provided a lifeline to a multitude of small businesses during the early days of the Coronavirus pandemic. PPP loans were used to cover payroll...more

Burr & Forman

South Carolina Confirms CARES Act Stimulus Payments Are Not Taxable

Burr & Forman on

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides individuals with a stimulus payment of $1,200 per adult, plus $500 for each qualifying child age 16 and under (subject to phase-outs for higher...more

Farella Braun + Martel LLP

Coronavirus and Federal Payroll Tax Credits: Relief Available for Cannabis Companies

The cannabis industry rarely looks to the federal government for support. Yet the raft of fiscal relief addressing COVID-19 has caused some in the industry to wonder what options, if any, might be available for them. ...more

Maynard Nexsen

Continuing COVID-19 Impacts on Federal Taxation - UPDATED

Maynard Nexsen on

This is an update to an article originally released on March 31, 2020. The updates account for most of the administrative guidance released by the IRS and the descriptions in the JCT’s Bluebook. After some tense...more

Burr & Forman

S Corporation Owners Get Less than Partnership Owners and Self-Employed Individuals under Payroll Protection Program

Burr & Forman on

The Payroll Protection Program (PPP) under the CARES Act can provide eligible businesses with a forgivable loan from the government to be used to keep and pay employees, and for certain other purposes, and to help businesses,...more

Foster Garvey PC

The IRS Has Determined That Taxpayers Who Obtain PPP Loan Forgiveness Cannot Have Their Cake and Eat It Too

Foster Garvey PC on

In Notice 2020-32, issued Thursday, April 30th, the IRS emphatically pronounced that taxpayers receiving Paycheck Protection Program (“PPP”) loans do not get to have their cake and eat it too! As we discussed in a recent...more

Troutman Pepper Locke

Federal Income Tax Considerations for Debt Workouts During an Economic Downturn

Troutman Pepper Locke on

As the economic impact of COVID-19 continues to evolve, many businesses are looking to restructure their debt to help navigate through the crisis. In the past several weeks, lenders have been inundated with such requests,...more

Wilson Sonsini Goodrich & Rosati

COVID-19 Tax Relief: Congress Enacts Federal Income Tax Relief for Businesses

As part of the U.S. government's response to the economic disruption caused by the Novel Coronavirus (COVID-19), on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748 or the CARES Act) was...more

McAfee & Taft

CARES Act impact on Oklahoma tax code

McAfee & Taft on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and, among other relief provisions, amends the Internal Revenue Code to provide relief to businesses and individuals....more

Fox Rothschild LLP

Internal Revenue Service Publishes FAQs About Forthcoming Coronavirus Economic Impact Payments

Fox Rothschild LLP on

The Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most individuals. However, some...more

Snell & Wilmer

The CARES Act Includes Many Tax Incentives for Employers - Charitable Contribution Modifications

Snell & Wilmer on

On Friday, March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) into law. Among the numerous provisions of the Act intended to provide economic relief to...more

Akin Gump Strauss Hauer & Feld LLP

CARES Act Summary – Tax

On March 25, 2020, the U.S. Senate released final text of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) to provide emergency economic assistance to those affected by the novel coronavirus...more

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