News & Analysis as of

Internal Revenue Service Employee Retention Taxation

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.  
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

Skadden, Arps, Slate, Meagher & Flom LLP

State of Play on US Tax Proposals

A House bill adopted in January 2024, H.R. 7024 (the Bill), would extend some business-friendly tax provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) that were being, or have already been, phased out. Titled the “Tax...more

White and Williams LLP

IRS Issues Guidance on Tax Impact of PPP Loan Forgiveness Under the CARES Act

The Internal Revenue Service (IRS) recently issued Notice 2020-32 (Notice), which discusses the deductibility of expenses that are funded by a Paycheck Protection Plan (PPP) loan and the subsequent loan forgiveness. Section...more

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