News & Analysis as of

Tax Liability CARES Act

Whiteford

Client Alert: The Employee Retention Credit and How to Handle Unprocessed Claims

Whiteford on

The Employee Retention Credit (ERC) was introduced as part of the March 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act to encourage businesses to maintain their workforce during the economic disruptions of...more

Eversheds Sutherland (US) LLP

A dash of SALT on the deal: Key takeaways from TEI's 2023 M&A Seminar

State and local tax (SALT) issues may arise from mergers, acquisitions, or dispositions. Eversheds Sutherland Partner Todd Betor presented on Unique State Tax Issues at Tax Executives Institute’s 2023 Mergers & Acquisitions...more

Stinson - Benefits Notes Blog

Time is Running out for IRS ‘Pre-Approved’ 401(k)/Defined Contribution Plan Sponsors to Meet the July 31, 2022 ‘Cycle 3’ Deadline

Employers sponsoring 401(k) or other types of defined contribution plans “pre-approved” by the Internal Revenue Service (IRS) should be aware that the restatement deadline is quickly approaching. The IRS requires pre-approved...more

McDermott Will & Schulte

Weekly IRS Roundup January 30 – February 5, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 30, 2022 – February 5, 2022... January 31, 2022: The IRS issued Revenue Procedure...more

Bowditch & Dewey

Massachusetts Employers Face Hike In Q1 Unemployment Tax Rates

Bowditch & Dewey on

The Massachusetts Department of Unemployment Assistance (“DUA”) has announced a significant raise in the solvency rate, which distributes the costs of benefits across employers, from 0.58% in 2020 to 9.23% in 2021. This...more

Morgan Lewis

State and Local Tax Responses to Covid-19 (UPDATED)

Morgan Lewis on

Alabama: The Alabama Commissioner of Revenue has issued a series of orders. On March 18, 2020, the commissioner ordered that late payment penalties are waived for small retail businesses whose monthly retail sales during the...more

Nossaman LLP

On-Demand Webinar | PPP Loan Forgiveness: Employment and Tax Issues for Borrowers

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Introducing Nossaman's Employment BUZZ webinar series! Each month, our attorneys will cover a different topic of interest to employers, including tax, insurance, intellectual property and employment issues. These "quick hit"...more

Pullman & Comley, LLC

IRS Confirms PPP Loan Forgiveness Not Taxable

Pullman & Comley, LLC on

Under general income tax principles, when a borrower has its indebtedness forgiven, the borrower recognizes income in the forgiven amount.  Under the CARES Act, however, Congress made clear that forgiveness of a Paycheck...more

Ervin Cohen & Jessup LLP

California Enacts Small Business Bills

On September 9, 2020, California Governor Gavin Newsom signed three bills into law that were designed to provide support for small businesses, including restaurants and other food and beverage companies.  SB 1447...more

Farrell Fritz, P.C.

Continuing Economic Distress: Withholding Taxes And The Risk Of “Self-Help”

Farrell Fritz, P.C. on

Stimulus Legislation Limbo- In has been 192 days since the President declared a national emergency concerning the COVID-19 outbreak. Across the country, businesses and communities were immediately placed on lockdown[ii] in...more

Bowditch & Dewey

Social Security Taxes Could Be Deferred for the Rest of 2020

Bowditch & Dewey on

Under the CARES Act passed on March 27, 2020, Congress allowed employers and self-employed workers to defer payment of their portion of Social Security taxes that will accrue between March 27 and December 31, 2020. Fifty...more

Burr & Forman

South Carolina Confirms CARES Act Stimulus Payments Are Not Taxable

Burr & Forman on

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides individuals with a stimulus payment of $1,200 per adult, plus $500 for each qualifying child age 16 and under (subject to phase-outs for higher...more

Farella Braun + Martel LLP

Coronavirus and Federal Payroll Tax Credits: Relief Available for Cannabis Companies

The cannabis industry rarely looks to the federal government for support. Yet the raft of fiscal relief addressing COVID-19 has caused some in the industry to wonder what options, if any, might be available for them. ...more

Ruder Ware

IRS Provides Information on Where to Send Deceased Individual’s Stimulus Check

Ruder Ware on

On the same day we published the article My Deceased Family Member Received a COVID-19 Stimulus Check, Now What? the IRS provided guidance on how to return stimulus payments that were made under the CARES Act to deceased...more

Ruder Ware

My Deceased Family Member Received a COVID-19 Stimulus Check, Now What?

Ruder Ware on

There has been significant publicity surrounding the issue of deceased individuals receiving stimulus checks under the CARES Act. It is far more common than you may think, simply because of the speed in which our government...more

A&O Shearman

IRS Guidance Clarifies CARES Act Relief Procedures for Partnerships

A&O Shearman on

The CARES Act, enacted on March 27, 2020, provides important relief for partnerships including a correction to the bonus depreciation rules for qualified improvement property (QIP) under Section 168(e) and relief relating to...more

Morgan Lewis

IRS Releases Tax Return Amendment Relief for BBA Partnerships

Morgan Lewis on

The Internal Revenue Service has released guidance allowing partnerships subject to amended return filing restrictions enacted under the Bipartisan Budget Act of 2015 to amend 2018 and 2019 partnership returns, including in...more

Farrell Fritz, P.C.

Temporary procedures to fax certain Forms 1139 and 1045 due to COVID-19

Farrell Fritz, P.C. on

Fax Form 1139 and Form 1045 to Claim Quick Refunds of the Credit for Prior Year Minimum Tax Liability of Corporations and Net Operating Loss Deductions ...more

Farrell Fritz, P.C.

Business Resources and Recovery (UPDATED)

Farrell Fritz, P.C. on

Businesses grappling with the economic impact of the ongoing COVID-19 crisis have the opportunity to apply for financial assistance through a variety of Federal, State and Local programs. ...more

McAfee & Taft

CARES Act impact on Oklahoma tax code

McAfee & Taft on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, 2020, and, among other relief provisions, amends the Internal Revenue Code to provide relief to businesses and individuals....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

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