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Internal Revenue Service Corporate Counsel Tax Deductions

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
BakerHostetler

[Podcast] An Analysis of the 2025 Federal Tax Changes Under the “One Big Beautiful Bill” Legislation

BakerHostetler on

The Honorable Peter Roskam, Federal Policy Team Leader, and Jeff Paravano, Tax Group Chair, break down the 2025 tax reconciliation legislation. They explore how the new law preserves key provisions of the Tax Cuts and Jobs...more

Williams Mullen

Implications of the One Big Beautiful Bill Act on Tax Deductions for Businesses

Williams Mullen on

President Trump signed the One Big Beautiful Bill Act (OBBB Act) into law on Friday July 4, 2025. Among other changes to existing federal tax laws (many of which are discussed by other alerts from this firm), the OBBB Act...more

Ballard Spahr LLP

Finally Received the Employee Retention Credit? Now What? A Guide to ERC Income Tax Consequences

Ballard Spahr LLP on

It appears that the flood gates have opened and that the IRS is finally processing and paying claims for the employee retention credit (ERC) en masse. After waiting a very long time (often years) with no contact from the IRS,...more

Seyfarth Shaw LLP

How Now, High Five? IRS Issues Proposed Regulations for the Expanded Definition of “Covered Employee” Under Section 162(m) that...

Seyfarth Shaw LLP on

On January 16, 2025, the IRS issued proposed regulations under Section 162(m) of the Internal Revenue Code of 1986 (the “Code”), which limit the amount of compensation a publicly held corporation may deduct for wages paid to...more

Miller Canfield

Does a Tax Cut Jobs Act Provision Decrease Income Taxes on Marijuana Businesses?

Miller Canfield on

Key Takeaways: ..A pending U.S. Tax Court case presents an interesting theory to preclude the federal income tax disallowance of all deductions of a marijuana business. ..The theory rests on a provision in the 2017 Tax...more

Harris Beach Murtha PLLC

IRS Provides Additional Guidance on Tax Treatment of Paycheck Protection Program Loan Forgiveness

The Paycheck Protection Program (“PPP”) created under the CARES Act provided much needed economic relief to businesses and other organizations negatively impacted by the COVID-19 pandemic. One of the biggest benefits of the...more

Harris Beach Murtha PLLC

IRS Says COVID-19 PPE Expenses Are Deductible or Reimbursable Tax-Free

Just think of the many dollars you spend on face masks, hand sanitizers and sanitizing wipes to help you and your family prevent the spread of the coronavirus disease (COVID-19). It all adds up very quickly and can make a...more

Snell & Wilmer

IRS Releases Much-Awaited Guidance on PPP-Loan-Related Expenses, But More is Still Needed

Snell & Wilmer on

On November 18, 2020, the Internal Revenue Service ("IRS") clarified its stance on the deductibility of expenses paid or incurred by businessowners who participated in the Paycheck Protection Program (“PPP”) by issuing...more

Farrell Fritz, P.C.

PPP Loan Forgiveness And The Denial Of Deductions For Covered Expenses – What’s Wrong With The IRS’s Position?

Farrell Fritz, P.C. on

The Program- The Paycheck Protection Program has been welcomed by many as the cornerstone of the CARES Act. It was passed by Congress and signed into law by the President shortly after the government-ordered shutdown of...more

Littler

IRS Issues Proposed Rule on Business Expense Deductions

Littler on

On February 26, 2020, the IRS published proposed regulations implementing changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) regarding the elimination of deductions for entertainment and the limitation on food and...more

Morgan Lewis

Recommended Practices for Employer-Provided Meals and Snacks in Light of Recent IRS Guidance

Morgan Lewis on

The IRS continues to aggressively audit how free meals and snacks offered to employees in many workplaces are treated for federal tax purposes. Recent IRS guidance in this respect is Technical Advice Memorandum 201903017 (the...more

Fox Rothschild LLP

IRS Says Business Meals Remain Deductible, But Cannot Be ‘Lavish’ Or Mixed With Entertainment Costs

Fox Rothschild LLP on

Resolving widespread confusion, the IRS this month issued important guidance that clarifies when a meal or drinks will be allowed as a deductible business expense following the changes made by the Tax Cuts and Jobs Act. The...more

Morrison & Foerster LLP

Top Ten International Anti-Corruption Developments for May 2016

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

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