News & Analysis as of

American Rescue Plan Act of 2021 Tax Reform

Goodwin

Internal Revenue Code Section 162(m): Proposed Regulations

Goodwin on

On January 14, 2025, the Internal Revenue Service and the US Treasury Department issued proposed regulations under Section 162(m) of the Internal Revenue Code (Code) to implement changes under the American Rescue Plan Act of...more

Troutman Pepper Locke

IRS Issues Proposed Regulations on the Expanded Definition of "Covered Employee" Under Code Section 162(m)

Troutman Pepper Locke on

On January 16, the Internal Revenue Service (IRS) published proposed regulations ( 90 FR 4691) under Section 162(m) of the Internal Revenue Code. Section 162(m) generally limits the deductibility of compensation paid in any...more

Stinson LLP

1099-K Reporting: More Time to Transition to the $600 Reporting Threshold

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In the American Rescue Plan Act of 2021, Congress and the Biden administration lowered the minimum reporting threshold for filing information returns relating to “reportable payment transactions” (a payment card is accepted...more

Foley & Lardner LLP

A Recap of President Joe Biden’s State of the Union Address

Foley & Lardner LLP on

Tuesday night, President Joe Biden spoke to Congress in his first State of the Union address. In an hour long speech, President Biden covered a variety of topics and urged Congress to pass numerous pieces of legislation....more

McDermott Will & Emery

Weekly IRS Roundup August 2 – August 6, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 2, 2021 – August 6, 2021... August 3, 2021: The IRS issued a news release as part of a...more

McDermott Will & Emery

Weekly IRS Roundup July 26 – July 30, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 26, 2021 – July 30, 2021... July 26, 2021: The IRS issued Notice 2021-46 as a supplement...more

McDermott Will & Emery

Weekly IRS Roundup July 12 – July 16, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 12, 2021 – July 16, 2021... July 12, 2021: The IRS issued a news release announcing the...more

McDermott Will & Emery

Weekly IRS Roundup July 5 – July 9, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 5, 2021 – July 9, 2021... July 6, 2021: The IRS—in conjunction with the US Department of...more

McDermott Will & Emery

Weekly IRS Roundup June 7 – June 11, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 7, 2021 – June 11, 2021... June 7, 2021: The IRS issued a news release announcing it has...more

McGuireWoods Consulting

North Carolina General Assembly Week in Review - June 2021 #2

This week was a major week in the General Assembly as legislative leaders announced an agreement on a total spending number. Now the hard work begins as the legislature debates how to reach that number. The budget was not the...more

McDermott Will & Emery

Weekly IRS Roundup May 31 – June 4, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 31, 2021 – June 4, 2021... June 1, 2021: The IRS issued a news release, soliciting...more

McDermott Will & Emery

Weekly IRS Roundup May 24 – May 28, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 24, 2021 – May 28, 2021... May 24, 2021: The IRS issued a news release, announcing that the...more

McDermott Will & Emery

Weekly IRS Roundup May 17 – May 21, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 17, 2021 – May 21, 2021... May 17, 2021: The IRS issued Revenue Ruling 2021-9, providing...more

McDermott Will & Emery

Weekly IRS Roundup May 10 – May 14, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 10, 2021 – May 14, 2021... May 10, 2021: The IRS issued Revenue Procedure 2021-25,...more

McDermott Will & Emery

Weekly IRS Roundup May 3 – May 7, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 3, 2021 – May 7, 2021... May 3, 2021: The IRS issued a news release announcing the opening...more

Morgan Lewis

Biden-Harris Administration’s First 100 Days Expose Priorities, Lay Groundwork for New Policies

Morgan Lewis on

US President Joseph Biden and Vice President Kamala Harris have consistently framed their policies with what they call the four major “crises” facing the nation: COVID-19, the economy, climate, and inequity. ...more

Cozen O'Connor

Details on the Mayor’s budget proposal, Proposal to protect renters; Funding for the School District; Land-value taxation

Cozen O'Connor on

Last week, Mayor Kenney formally introduced his budget to City Council. His proposed budget includes: Public Strategies provides more detailed analysis of the budget proposal here. ...more

Cozen O'Connor

LEGISLATIVE UPDATE: Mayor Kenney Proposes Budget for Fiscal Year 2022

Cozen O'Connor on

On April 15, Mayor Kenney presented his budget proposal to City Council. Mayor Kenney largely used the $1.4 billion from the American Rescue Plan to fill in revenue shortfalls. Throughout his address, he stated that he would...more

McDermott Will & Emery

Weekly IRS Roundup March 22 – March 26, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 22, 2021 ­­– March 26, 2021... March 22, 2021: The IRS issued Notice 2021-22, providing...more

Cadwalader, Wickersham & Taft LLP

Tax Changes in COVID-19 Relief Legislation

President Biden signed a $1.9 trillion COVID-19 relief package into law on March 11, 2021. - In addition to providing stimulus checks, increased unemployment assistance, funding for vaccine distribution and COVID-19...more

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