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Ballard Spahr LLP

IRS Changes Course on Income Tax Impact of Employee Retention Credit

Ballard Spahr LLP on

On March 20, 2025, the IRS updated its guidance to employers that claimed the employee retention credit (ERC). The updated guidance materially differs from prior IRS guidance of how and when employers should report the income...more

Morgan Lewis

Employers Can Aid Wildfire Victims with Out-of-Pocket Expenses, Paid Leave, and Through Tax-Exempt Organizations

Morgan Lewis on

Many individuals are in desperate need of funds due to injuries, damage, and other unexpected expenses caused by the ongoing wildfires in Los Angeles. Employers can aid wildfire victims with tax-free payments, paid leave, and...more

Bond Schoeneck & King PLLC

IRS Launches Voluntary Disclosure Program Allowing Businesses to Avoid Penalties if They Pay Back a Portion of Incorrectly Claimed...

Bond Schoeneck & King PLLC on

On Dec. 21, 2023, the Internal Revenue Service (IRS) launched a new Voluntary Disclosure Program that allows businesses to pay back only a portion of funds in satisfaction of the full amount of credit that they received based...more

Pillsbury Winthrop Shaw Pittman LLP

Year-End Stimulus Bill Permits, but Does Not Mandate, Extension of FFCRA Leave

Pillsbury Winthrop Shaw Pittman LLP on

Late on December 27, 2020, President Trump signed into law an omnibus stimulus bill. The new legislation contained much needed extensions of unemployment benefits that have supported many Americans who have experienced...more

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