News & Analysis as of

Internal Revenue Service Taxation Coronavirus/COVID-19

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

McDermott Will & Schulte

Weekly IRS Roundup June 20 – June 23, 2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the shortened week of June 20, 2023 – June 23, 2023. (June 19 is a federal holiday.)...more

Flaster Greenberg PC

Digital, Digital Break Down: How to Make Sure You’re *NSYNC with IRS Changes for Reporting Virtual Payment Transactions

Flaster Greenberg PC on

You may have seen recent headlines warning that the IRS is tracking certain transactions paid using digital payment services such as Paypal, Cash App, Zelle, and Venmo. Even worse, you may have wondered whether a new law...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

McDermott Will & Schulte

Globally (Not So) Mobile Employees: Taxation of RSU Equity Awards in a COVID-19 World

The rules relating to the US taxation of restricted stock units (RSUs) in an international context are often complex and sometimes uncertain. This On the Subject explores how COVID-19-related travel restrictions affect the US...more

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