News & Analysis as of October 6, 2024

Coronavirus/COVID-19 › Internal Revenue Service › Employment Tax

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Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms... more +

Read guidance, analysis, and updates on the myriad issues arising from the global response to the COVID-19 pandemic. Updated hourly every day, the insights published here are written by leading lawyers and law firms helping to make sense of insurance, employment, tax, securities, M&A, risk management, and every other consideration touched by this crisis. Follow the channel for a daily email brief of the latest and best updates. less -

Employee Retention Credit Voluntary Disclosure Program to Be Reopened: What You Need to Know

Cole Schotz on 8/1/2024

On July 26, 2024, the IRS announced that they are in the final stages of reopening the Employee Retention Credit (ERC) Voluntary Disclosure Program. The ERC is a credit that was available to certain eligible employers...more

IRS Helps Taxpayers Avoid Tax Penalties Caused by Retroactive Termination Of Employee Retention Credit

Obermayer Rebmann Maxwell & Hippel LLP on 12/9/2021

The Employee Retention Credit (the “ERC”) was created by the CARES Act to encourage businesses to retain employees on their payroll by providing a refundable tax credit equal to 50% of qualified wages. This credit was...more

IRS Addresses Lingering Employer Questions Regarding COBRA Premium Assistance and Corresponding Tax Credits under the American...

Fisher Phillips on 5/21/2021

The American Rescue Plan Act (ARPA) provides for 100% premium assistance to certain qualified beneficiaries for continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) for periods of...more

Weekly IRS Roundup February 1 – February 5, 2021

McDermott Will & Emery on 2/9/2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 1, 2021 – February 5, 2021. February 4, 2021: The IRS published Rev. Proc. 2021-15...more

2020 End of Year Tax Planning for Businesses

Bowditch & Dewey on 10/28/2020

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

Weekly IRS Roundup August 3, 2020 – August 7, 2020

McDermott Will & Emery on 8/11/2020

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 3, 2020 – August 7, 2020... August 3, 2020: The IRS published a news release announcing...more

The IRS Postpones Tax Day, Again

Morgan Lewis - ML Benefits on 6/8/2020

The IRS has again extended the due dates for certain returns and payments because of the ongoing coronavirus (COVID-19) pandemic. Notice 2020-35, which the IRS issued on May 28, 2020, postpones the due date for certain...more

CARES Act Deferral of Employment Tax Payment Update

White and Williams LLP on 4/24/2020

The Internal Revenue Service (IRS) has issued supplemental guidance regarding The Coronavirus Aid, Relief, and Economic Security Act’s (CARES Act) deferral of employment tax payment (Deferral). The Deferral is typically...more

IRS Provides Further Guidance on Deferring Employment Taxes Under CARES Act

Davis Wright Tremaine LLP on 4/17/2020

As we discussed in a previous advisory, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) permits employers and certain self-employed individuals to delay payment of the employer's share of Social Security...more

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