News & Analysis as of

Tax Exemptions Coronavirus/COVID-19

Husch Blackwell LLP

Alabama Enacts 30-Day Exemption to Imposition of Individual Income Tax

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In the wake of the COVID-19 pandemic and increased remote work, multistate income tax and payroll tax withholding responsibilities have received heightened consideration nationwide. Employers keen on retaining and attracting...more

Foster Garvey PC

Eligibility for Federal Stimulus Benefits Appears to Be Benign, But When You Peel Away the Onion, a Major Flaw Appears

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During the COVID-19 pandemic, the federal government enacted three major pieces of legislation to provide financial relief to individuals and families. The American Recovery Plan Act (“ARPA”), the most recent legislation,...more

Tonkon Torp LLP

PPP Round 2: Nonprofit Eligibility, Application Deadline, And Tax Impacts

Tonkon Torp LLP on

Shortly before the end of the bizarre and painful 2020 calendar year, the Consolidated Appropriations Act for 2021 (the Act) was signed into law, providing an additional $284 billion appropriation for the Paycheck Protection...more

Eversheds Sutherland (US) LLP

Third time’s the charm: Congress provides stimulus round three in American Rescue Plan Act of 2021

On March 11, 2021, the American Rescue Plan Act of 2021 (the ARPA), the third set of legislation aimed at assisting individuals and businesses during the COVID-19 pandemic, was signed into law by President Biden. Along with...more

Pillsbury Winthrop Shaw Pittman LLP

Stimulus Bill Offers Much Needed Assistance to the Restaurant Industry

The American Rescue Plan Act establishes a $28.6 billion Restaurant Revitalization Fund to distribute grants of up to $10 million to restaurants and other food and beverage businesses. Eligible restaurants, bars, food...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, March 2021 # 10

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In Washington: Congressional Democrats are urging the Treasury Department and IRS to “take every effort” to implement a new tax exemption for unemployment benefit recipients. The just-signed coronavirus relief law makes...more

ArentFox Schiff

Key Tax Provisions of $1.9 Trillion COVID-19 Aid Package

ArentFox Schiff on

At $1.9 trillion, the American Rescue Plan Act of 2021, signed into law by President Biden on March 11, 2021, is the largest aid package passed by Congress since the start of the pandemic. With the Rescue Act, Congress hopes...more

Faegre Drinker Biddle & Reath LLP

Will COVID-19 Impact Your Eligibility for an Indiana Property Tax Exemption?

Indiana property tax exemption applications must be filed on or before April 1, 2021. To grant an exemption, a county’s property tax assessment board of appeals will look at both the physical status and use of a property as...more

Downs Rachlin Martin PLLC

Vermont Legislative Update Week 6 | Government and Public Affairs

New stormwater requirements will cost property owners hundreds of millions of dollars - The House Committee on Corrections and Institutions received a primer this week on the history behind the 3-acre general permit,...more

Proskauer Rose LLP

UK Tax Round Up - January 2021

Proskauer Rose LLP on

UK COVID-19 Developments - Extension of support for retail, leisure and hospitality businesses - Further to the extension of the Coronavirus Job Retention Scheme (or furlough scheme), reported in the November issue of...more

K&L Gates LLP

COVID-19: CARES Act Tax Summary Guide - February 2021 #1

K&L Gates LLP on

This guide outlines the tax provisions contained in the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), and certain related notices issued by the...more

WilmerHale

In Case You Missed It: Launch Links - January 2021 #4

WilmerHale on

Some interesting links we found across the web this week: Do You Have to Pay Taxes on Your PPP Loan? Since the Paycheck Protection Program (PPP) started in 2020, the Small Business Administration has issued more than...more

Holland & Knight LLP

Venezuela Update: January 19, 2021

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Holland & Knight's Venezuela Focus Team invites you to read our Venezuela Update, in which we discuss the latest news, trends and developments in Venezuela that impact the interests of businesses across all industry sectors....more

Bradley Arant Boult Cummings LLP

Alabama Governor Issues Proclamation on Extending State Incentives and Exempting CARES Act Aid

In a welcomed move by the business community, Gov. Kay Ivey on Friday morning issued a proclamation that would exempt certain CARES Act benefits from Alabama income tax and would extend the sunset (expiration) date of two of...more

K&L Gates LLP

COVID-19: CARES Act Tax Summary Guide - November 2020 #1

K&L Gates LLP on

This guide outlines the tax provisions contained in the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), and certain related notices issued by the...more

Rivkin Radler LLP

The Time to Plan for Tax Code Changes Is Now

Rivkin Radler LLP on

The election is only weeks away, and with it is likely to come significant changes to the tax code. Many economists anticipate that, regardless of the outcome, there will likely be tax increases to reduce the federal deficit,...more

K&L Gates LLP

COVID-19: CARES Act Tax Summary Guide - October 2020 #1

K&L Gates LLP on

This guide outlines the tax provisions contained in the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), and certain related notices issued by the...more

K&L Gates LLP

COVID-19: CARES Act Tax Summary Guide - September 2020 #2

K&L Gates LLP on

This guide outlines the tax provisions contained in the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), and certain related notices issued by the...more

K&L Gates LLP

COVID-19: CARES Act Tax Summary Guide - September 2020 #1

K&L Gates LLP on

This guide outlines the tax provisions contained in the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), and certain related notices issued by the...more

K&L Gates LLP

COVID-19: CARES Act Tax Summary Guide - August 2020 #2

K&L Gates LLP on

This guide outlines the tax provisions contained in the Families First Coronavirus Response Act (FFCRA), the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), and certain related notices issued by the...more

Adler Pollock & Sheehan P.C.

End-of-Summer Sale: Federal Reserve Lowers Pricing For The Municipal Liquidity Facility

The Board of Governors of the Federal Reserve System (the “Federal Reserve”), through the Federal Reserve Bank of New York, has lowered the pricing methodology for its Municipal Liquidity Facility (the “MLF”), the CARES Act...more

Hogan Lovells

Global Accountants’ Liability Update – July 2020

Hogan Lovells on

Certified public accountants are among those who may benefit from a mechanism announced by the Hong Kong government in May 2020 to exempt certain inbound travelers from compulsory quarantine. The exemption is provided under...more

Ruder Ware

Peter, Paul, and Mary Should Make Large Gifts – Now!

Ruder Ware on

Peter, Paul, and Mary have done well for themselves. Each has a nice home, a seasonal residence, and a large IRA. Coincidentally, each also has an additional $11 million worth of real estate, savings, brokerage accounts, and...more

Dickinson Wright

Tax Tip for Tax-Exempt Hospitals: IRS Relief for the Community Health Needs Assessments Requirements

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Recognizing the increased burdens that the COVID-19 pandemic has placed on hospitals, the IRS has relaxed its deadline for meeting the Community Health Needs Assessments (CHNA) requirements per Internal Revenue Code Section...more

Greenbaum, Rowe, Smith & Davis LLP

Wealth Transfer Strategies to Consider in the Age of COVID-19

The COVID-19 pandemic has disrupted our lives and shifted our priorities in an unprecedented manner.  Against this backdrop of uncertainty, though, opportunities in estate planning abound.  Basic planning documents, such as...more

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