In an industry known for its fast-paced changes, 2024 will be no different for cannabis. For all those with an eye on the industry, the number one question remains, is this the year for rescheduling? The answer is, maybe. And...more
4/19/2024
/ Artificial Intelligence ,
Cannabis Products ,
Cannabis-Related Businesses (CRBs) ,
Capital Raising ,
DEA ,
Decriminalization of Marijuana ,
FDIC ,
Hemp ,
Intellectual Property Protection ,
Machine Learning ,
Marijuana ,
Marijuana Related Businesses ,
Political Parties ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
State and Local Government ,
State Legislatures ,
Taxation ,
Trademarks
The 2024 election year promises to make taxes front-of-mind for many business and individual taxpayers. Beyond the election, there are other note-worthy developments, along with several highly anticipated tax law cases that...more
2/16/2024
/ Child Tax Credit ,
Employee Retention ,
Enforcement Actions ,
Green Energy ,
Inflation Reduction Act (IRA) ,
Internal Revenue Code (IRC) ,
Investment Tax Credits ,
IRS ,
OECD ,
SCOTUS ,
Tax Code ,
Tax Credits ,
Tax Cuts and Jobs Act
After seemingly bouncing back from the challenges posed by the COVID-19 pandemic and related labor, supply chain, and governmental mandate issues, the hospitality industry experienced a year of volatility in 2023, with...more
2/16/2024
/ Artificial Intelligence ,
Corporate Transparency Act ,
Debt ,
Employee Definition ,
Employee Retention ,
FinCEN ,
Hospitality Industry ,
Insurance Industry ,
Liability ,
Minimum Wage ,
NLRB ,
Popular ,
Ransomware ,
Real Estate Market ,
Reporting Requirements ,
Restaurant Industry ,
Supply Chain ,
Tax Credits ,
Tipped Employees
While business owners wait to see whether Congress raises the U.S. long-term capital gains rate from 20 percent to 25 percent and enacts relief from the limitations on the deductibility of state and local taxes (SALT),...more
10/14/2021
/ Capital Gains ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Pass-Through Entities ,
S-Corporation ,
SALT ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Liability
The House Ways and Means Committee advanced key tax reform proposals on September 15 that would increase taxes for corporations and high-income individuals.
Several tax reform proposals are under consideration as part of...more
9/23/2021
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Capital Gains ,
CARES Act ,
Carried Interest ,
Controlled Foreign Corporations ,
Corporate Taxes ,
Foreign Derived Intangible Income (FDII) ,
Foreign Tax Credits ,
GILTI tax ,
Income Taxes ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
Net Investment Income ,
Qualified Small Business Stock ,
REIT ,
SALT ,
Surcharges ,
Tax Cuts and Jobs Act ,
Tax Increases ,
Tax Reform ,
Ways and Means Committee
The United States Tax Court on April 27, 2021, ruled that Mylan Inc. could deduct the legal fees it incurred in defending itself against patent infringement claims made by other drug manufacturers while pursuing generic...more
The proposals in the Framework echo many of the themes set forth in the Made in America Tax Plan.
Last week, President Biden outlined an infrastructure spending plan (the American Jobs Plan) and a tax reform plan (the...more
On March 31, 2021, President Biden presented an infrastructure spending plan coupled with a tax reform plan that seeks to raise corporate income taxes (the “American Jobs Plan” and the “Made in America Tax Plan”).
The...more
4/2/2021
/ American Rescue Plan Act of 2021 ,
Anti-Corruption ,
Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Controlled Foreign Corporations ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Environmental Protection Agency (EPA) ,
Foreign Derived Intangible Income (FDII) ,
Fossil Fuel ,
GILTI tax ,
Infrastructure ,
OECD ,
Tax Cuts and Jobs Act ,
Tax Haven ,
Tax Increases
The Employee Retention Tax Credit (“ERTC”) has been expanded and extended further, providing relief to small and large employers affected by COVID-19 business disruptions. As we approach the one-year anniversary of its...more
3/15/2021
/ Aggregation Rules ,
American Rescue Plan Act of 2021 ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Gross Receipts ,
IRS ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Tax Credits
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
3/12/2021
/ American Rescue Plan Act of 2021 ,
CARES Act ,
Child Tax Credit ,
COBRA ,
Coronavirus/COVID-19 ,
Dependent Care ,
Economic Aid Act ,
Economic Injury Disaster Loans ,
Economic Stimulus ,
Grants ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Public Health ,
Restaurant Industry ,
Small Business ,
Small Business Loans ,
Student Loans ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Exemptions ,
Unemployment Benefits
On Monday, December 14, Senator Joe Manchin (D-WV) and Senator Susan Collins (R-Maine) introduced the “Emergency Coronavirus Relief Act of 2020,” which would provide another round of relief to combat the economic fallout...more
The IRS has confirmed that a taxpayer who received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in the CARES Act may not deduct those expenses in the taxable...more
The District of Columbia is one of the few state or local jurisdictions in the country to impose a franchise tax on “unincorporated businesses.”
The current rate of tax on net income is 8.25%. Unincorporated businesses...more
The COVID-19 pandemic of 2020 has caused significant financial hardship in the hospitality industry.
This alert addresses the tax consequences of a lender and borrower agreeing to restructure a loan by either: (1) reducing...more
Following stalled negotiations about a fifth round of coronavirus relief in Congress, President Trump signed an executive order on August 8, 2020 directing the US Treasury to suspend the obligations of employers to withhold...more
On July 24, the Massachusetts Department of Revenue (DOR), in collaboration with the Massachusetts Life Sciences Center (MLSC) and the Executive Office of Housing and Economic Development, promulgated Regulation 830 CMR...more
The tax provisions of the HEALS Act would expand upon and modify several provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the employee retention tax credit, while also introducing...more
On Friday, June 5, 2020, President Trump signed into law H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”), modifying certain provisions of the CARES Act related to the forgiveness...more
On May 12, the House Democrats introduced an aspirational tax package within the Health and Economic Recovery Omnibus Emergency Solutions Act (the “HEROES Act”), which lays out their starting point in negotiations with the...more
Under IRS Notice 2020-32, no deduction is allowed for a payment that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to the CARES Act and the income associated with such...more
The Internal Revenue Service has expanded its previous relief measures with Notice 2020-23, which automatically extends key tax deadlines for all taxpayers that have a filing or payment deadline on or after April 1, 2020, and...more
4/14/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Statutory Deadlines ,
Tax Relief ,
Tax Returns ,
Time Extensions
The IRS has granted a six-month extension to file applications for a tentative carryback adjustment under the “quickie” refund procedure for net operating losses that arose in tax years that began in calendar year 2018 and...more
On April 10, the Internal Revenue Service published responses to frequently asked questions with respect to the payroll tax deferral provisions of the CARES Act, including clarification that employers that take loans under...more
4/14/2020
/ Banks ,
Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Health Care Providers ,
Healthcare ,
IRS ,
Lenders ,
Lending ,
Liquidity ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
State and Local Government ,
Tax Relief ,
Unemployment Insurance
As our country grapples with the health, economic, and social impacts of COVID-19, the U.S. Congress has weaponized the U.S. tax law to provide economic stimulus and soften the financial blow dealt by COVID-19 through two key...more
The Treasury Department extends the US federal tax filing deadline from April 15 to July 15.
This week’s surge in the number of confirmed COVID-19 cases was accompanied by frequent responses at the federal level directed at...more
3/20/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Filing Requirements ,
Income Taxes ,
IRS ,
Relief Measures ,
Secretary of the Treasury ,
Tax Extensions ,
Tax Returns ,
Time Extensions ,
U.S. Treasury