News & Analysis as of October 6, 2024

Tax Planning

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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 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 -

How New IRS Actions Affect Your ERC Claim

Bradley Arant Boult Cummings LLP on 8/2/2024

With the passage of the 2020 CARES Act, Congress created the Employee Retention Credit (ERC) for eligible employers whose operations were impacted by the COVID-19 pandemic. The IRS, however, stopped processing new ERC claims...more

IRS Prepares for Next Stage of Combating Fraudulent Pandemic-Related Employee Retention Credits (ERCs)

Kramer Levin Naftalis & Frankel LLP on 6/28/2024

On June 20, following a long and detailed review process, the IRS announced its plan to deny tens of thousands of highest-risk Employee Retention Credit (ERC) claims while resuming the processing of only the lowest-risk ERC...more

The IRS is Aggressively Pursuing Employee Retention Credit Claims. Are You at Risk?

Keating Muething & Klekamp PLL on 2/21/2024

Congress enacted the Employee Retention Credit (“ERC”) during the COVID-19 pandemic to help employers retain their workforce and stay current on payroll despite economic difficulties that plagued the world. The legislation...more

ERC Claims on Hold While IRS Figures Out What it Thinks is Real

Gray Reed on 12/20/2023

The IRS recently issued a press release regarding its “continuous efforts to combat dubious Employee Retention Credit (ERC) claims” to announce an initial round of over 20,000 notification letters of disallowed ERC claims....more

IRS Announces Denials of Employee Retention Credit

Miller Canfield on 12/12/2023

As described in our October 24 article “IRS Offers Forgiveness for Erroneous Employee Retention Credit Claims” the IRS has increased scrutiny on claims for the Employee Retention Credit (“ERC”). The IRS halted processing...more

Worried About Your ERC Refund Claim? IRS Announces Process to Withdraw Pending Claims

Lowndes on 10/19/2023

If you listen to the TV or radio, you have probably heard advertisements about Employee Retention Credits (ERCs) and how employers may qualify for cash from the government. If you own a business, you have probably been...more

Code Section 139 Relief Period Scheduled to End: What Employers Need to Know

Morgan Lewis - ML Benefits on 3/2/2023

As the Code Section 139 relief period is scheduled to end soon along with the end of the COVID-19 national emergency, employers that assisted employees with personal expenses attributable to the COVID-19 pandemic should...more

Evaluating Real Estate Investments – Planning for 2023

Whitman Legal Solutions, LLC on 1/3/2023

The real estate industry – and much of our economy – is at a point where we must shift. With the pace of inflation and interest rate increases, some of those shifts will be large. And those large shifts may challenge the...more

December 31, 2022, is 125 Plan Amendment Deadline for COVID-19 Special Rules

Pullman & Comley - Labor, Employment and... on 11/22/2022

Most employers allow employees covered by the employer-sponsored group health and welfare plans to pay their share of the cost through pre-tax payroll deductions. In order to do this the employer must maintain a written...more

Employee Retention Tax Credits Update: IRS Warns Taxpayers to Beware

Polsinelli on 10/24/2022

On October 19, 2022, the Internal Revenue Service (“Service”) issued news release IR-2022-183, which was intended to warn employers using third-party promoters of Employee Retention Tax Credits (“ERTCs”). ERTCs were created...more

Weekly IRS Roundup September 12 – September 16, 2022

McDermott Will & Emery on 9/20/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 12, 2022 – September 16, 2022...more

Make Your Year-End Charitable Gifts to Take Advantage of Expanded Tax Benefits

Mitchell, Williams, Selig, Gates & Woodyard,... on 11/18/2021

Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to...more

The Return of RMDs: COVID-19-Related Suspension of RMDs is a Thing of the Past

Adler Pollock & Sheehan P.C. on 11/16/2021

The temporary reprieve is over. Due to the COVID-19 pandemic, Congress suspended the rules for required minimum distributions (RMDs) in 2020, including inherited accounts. But the rules have been restored for the 2021 tax...more

Federal Tax Credits Now Available When Certain Employees Use Emergency Paid Leave to Help Others Obtain or Recover from COVID-19...

Littler on 8/3/2021

The federal Internal Revenue Service (IRS) has announced that certain employers can claim federal tax credits when employees use emergency paid leave to accompany an individual to obtain a COVID-19 vaccination and/or to care...more

IRS Confirms – Government Employers Are Now Eligible for COVID-19 Leave Tax Credits

Franczek P.C. on 4/26/2021

In new guidance, the IRS confirms that non-federal government employers may now be able to claim a tax credit to cover the cost of voluntarily providing paid sick and family leave to employees for COVID-19 related reasons....more

Eleven of the IRS's Enforcement Priorities During the 2021 Tax Season

Oberheiden P.C. on 4/13/2021

It is tax season once again. While the Internal Revenue Service (IRS) has extended this year’s filing deadline to May 17, 2021 for individuals, businesses must still file by April 15, and all U.S. taxpayers must ensure that...more

Coronavirus: The Hill and the Headlines, March 2021 # 13

Hogan Lovells on 3/18/2021

In Washington: The Internal Revenue Service (IRS) is planning to extend the tax-filing deadline to mid-May, according to two top House Democrats. A news release Wednesday from House Ways and Means Committee Chairman Richard...more

Credit Where Credit Is Due: IRS Offers Long-Sought Guidance on Employer Retention Credit Program

Snell & Wilmer on 3/10/2021

As we previously reported, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) provided for an employee retention credit (“ERC”) designed to encourage employers to retain workers during the COVID-19...more

Retroactive 2020 Employee Retention Credit Changes and 2021 Enhancements

Burr & Forman on 3/3/2021

The Employee Retention Credit, as originally enacted on March 27, 2020 by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), is a refundable tax credit against certain employment taxes equal to 50% of the...more

Summary of Tax Provisions in the Consolidated Appropriations Act, 2021

Akerman LLP - SALT Insights on 1/26/2021

On December 27, 2020, President Trump signed the new $900 billion stimulus package – the Consolidated Appropriations Act, 2021 (the CAA), which, among other things, advances legislation intended to provide additional help for...more

IRS Extends Previously Issued Relief to Qualified Opportunity Funds and Their Investors

Morgan Lewis on 1/25/2021

The Internal Revenue Service (IRS) issued Notice 2021-10 on January 19, which extends relief to Qualified Opportunity Funds (QOFs) and their investors as a response to continued challenges brought on by the COVID-19 pandemic....more

IRS Reverses on Deductibility of Expenses Paid with PPP Loans

Stinson LLP on 1/7/2021

On January 6, the IRS issued Revenue Ruling 2021-2, reversing its earlier position and allowing expenses paid with PPP loan proceeds to be deducted....more

Paycheck Protection Program Phase 2: What Businesses Need to Know

Payne & Fears on 12/29/2020

Much of the publicity and scrutiny surrounding the recently enacted coronavirus relief bill attached to the Consolidated Appropriations Act of 2021 has been focused on the economic impact payments and supplemental...more

Paycheck Protection Program Loan Borrowers Will Find Deductions Under the Tree This Holiday Season

Ruder Ware on 12/23/2020

On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated...more

Congress Confirms Tax Deductions for Expenses Paid with PPP Loans, Extends Other Tax Provisions

UB Greensfelder LLP on 12/22/2020

Congress gave recipients of loans under the Paycheck Protection Program (PPP) a holiday present when it confirmed the deductibility of expenses paid with proceeds of a PPP loan that is forgiven. This confirmation is part of...more

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