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FordHarrison

How the One Big Beautiful Bill Act May Impact Employers

FordHarrison on

On July 4, 2025, President Trump signed into law a bill entitled “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” generally referred to as the One Big Beautiful Bill Act (the OBBBA). The OBBBA...more

Amundsen Davis LLC

No Tax on Tips—But What About Overtime and Social Security?

Amundsen Davis LLC on

Earlier this year, many low-income taxpayers were elated to learn about the possibility that tipped wages could receive federal income tax relief under the No Tax On Tips Act. Under President Trump’s “One, Big Beautiful...more

Maynard Nexsen

Preparing for Potential Payroll Changes: What Employers Need to Know About the No Tax on Tips Act and OBBBA

Maynard Nexsen on

On May 20, 2025, the No Tax on Tips Act, a standalone bill that would effectively exempt up to $25,000 in tips from federal income tax for certain workers, passed by unanimous consent in the Senate. Shortly thereafter, on May...more

Fox Rothschild LLP

House and Senate Overtime and Tip Tax Proposals: What Employers Need to Know

Fox Rothschild LLP on

Competing House and Senate bills have the potential to reshape how the IRS taxes tips and overtime wages. The Senate recently passed the “No Tax on Tips Act” while the House budget reconciliation bill proposes deductions for...more

Gould + Ratner LLP

The Latest COVID-19 Stimulus: Highlights of Key Tax Provisions in the American Rescue Plan Act of 2021

Gould + Ratner LLP on

The American Rescue Plan Act of 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The ARPA...more

Brooks Pierce

Federal Income Tax Changes in the Consolidated Appropriations Act of 2021

Brooks Pierce on

The Consolidated Appropriations Act of 2021, enacted late last year, includes several tax related changes and incentives affecting businesses. Congress overruled guidance from the Internal Revenue Service to provide that...more

Proskauer - Tax Talks

Coronavirus: President Trump Signs Consolidated Appropriations Act, 2021; Summary of the Tax Provisions

Proskauer - Tax Talks on

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (the “Act”). The Act enhances and expands certain provisions of the Coronavirus Aid, Relief, and Economic Security Act (the...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

Steptoe & Johnson PLLC

A Six Foot Look at the Business, Loan, and Tax Reform Legislation In Response to COVID-19

LOAN ASSISTANCE PROVISIONS - Express Bridge Loan Pilot Program: Unilateral pronouncement of the SBA- • While not part of the CARES legislation, the SBA announced as a response to COVID19, small businesses that...more

Wilson Sonsini Goodrich & Rosati

Tax Relief Under the CARES Act

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion stimulus package thought to be the largest in U.S. history. The CARES Act contains several key...more

Brownstein Hyatt Farber Schreck

Opportunities for Small Business in the CARES Act of 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides assistance to small businesses impacted by COVID-19. Congress did not, however, provide a one-size-fits-all solution. Instead, small businesses must...more

Rosenberg Martin Greenberg LLP

Pertinent Tax Provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”)

The President recently signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “the Act”).  The following summarizes key tax provisions. Business Tax Provisions - Employee Retention...more

Buckingham, Doolittle & Burroughs, LLC

Federal stimulus packages provide significant tax savings and credits to combat the financial impact of COVID-19

Following enactment of the Families First Coronavirus Response Act and the CARES Act, Buckingham’s team of tax attorneys have been helping clients survive these difficult and unprecedented times in America. Below are some of...more

Greenberg Glusker LLP

Tax Implications of COVID-19 Relief Package

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This client alert summarizes recent federal tax changes that are intended to provide relief to businesses and individuals impacted by the coronavirus (“COVID-19”) epidemic, including changes effected under recent IRS...more

Brownstein Hyatt Farber Schreck

The CARES Act: Title II Business Provisions Summary and Analysis

The CARES Act includes several tax provisions for businesses. Most of these provisions are designed to provide businesses immediate (or near term) liquidity, but one major provision provides incentives to retain employees who...more

Goodwin

Business And Individual Income Tax Provisions Of The Cares Act

Goodwin on

On Friday, March 27, Congress passed, and the President signed, the bipartisan “Coronavirus Aid, Relief, and Economic Security Act” (the “Act”), a $2 trillion economic stimulus plan to provide funding and tax relief to...more

Jackson Walker

The CARES Act: Tax Relief and Incentives

Jackson Walker on

Friday, March 27th, the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act. The CARES Act contains significant tax relief for individuals and businesses. Below are the tax highlights....more

Foster Garvey PC

The Cavalry Has Arrived – Congress Passed and President Trump Signed Into Law the CARES Act

Foster Garvey PC on

A Succinct Summary of the Key Tax Provisions - On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (colloquially, the “CARES Act” or the “Act”). The CARES Act is a...more

Burr & Forman

Key Tax Provisions of the CARES Act

Burr & Forman on

The COVID-19 or Coronavirus has disrupted demand in many industries and is wreaking havoc on budgets and cash flow projections. On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or Act),...more

Skadden, Arps, Slate, Meagher & Flom LLP

CARES Act Provides Much-Needed Stimulus for U.S. Businesses, Individuals

On March 27, 2020, Congress approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial assistance to individuals and businesses, which in aggregate greatly exceeds the financial package...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

Troutman Pepper Locke

CARES Act Guide: Overview of Expanded Charitable Contribution Limits

Troutman Pepper Locke on

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”, into law. The CARES Act will provide significant financial relief to individuals and small businesses,...more

Skadden, Arps, Slate, Meagher & Flom LLP

New York State Responds to Federal Tax Reform

On March 30, 2018, the New York Legislature passed the 2018–2019 Budget Bill (SB. 7509-C/A 9509-C) (Budget Bill), which addresses several provisions of the newly enacted Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and...more

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