News & Analysis as of October 6, 2024

Tax Refunds

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IRS Resumes Processing New Claims for Employee Retention Credit

Ogletree, Deakins, Nash, Smoak & Stewart,... on 8/13/2024

After lifting the moratorium on processing tax refund claims, the Internal Revenue Service (IRS) has begun processing a large backlog of claims for the employee retention tax credit (ERC), aimed at businesses impacted by...more

ERTC Refund Lawsuits: Is Now the Time to File?

Venable LLP on 5/30/2024

Many employers who filed employee retention tax credit (ERTC) refund claims have been waiting months or even years to receive refund checks. The IRS stopped processing refund claims in mid‑July of 2023 and publicly announced...more

The Employee Retention Credit: Reduce Employer Payroll Taxes and Generate Cash

Manatt, Phelps & Phillips, LLP on 6/8/2023

Added to federal tax law by the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and further expanded in 2021, the Employee Retention C redit (ERC) can significantly reduce an employer’s federal employment...more

Weekly IRS Roundup April 17 – April 21, 2023

McDermott Will & Emery on 4/25/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 17, 2023 – April 21, 2023...more

Weekly IRS Roundup March 13 – March 17, 2023

McDermott Will & Emery on 3/21/2023

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 13, 2023 – March 17, 2023...more

Weekly IRS Roundup March 20 – March 26, 2022

McDermott Will & Emery on 3/29/2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 20, 2022 – March 26, 2022... March 21, 2022: The IRS issued Revenue Ruling 2022-07,...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

Employer Responsibilities Under the ARPA COBRA Subsidy

Perkins Coie on 3/26/2021

The American Rescue Plan Act of 2021 (ARPA) includes a number of provisions requiring immediate action by employers. One such provision provides for a 100% federal subsidy of COBRA premiums (including the up-to-2%...more

Guidance on Directive to Defer Payroll Tax Obligations Leaves Unanswered Questions

Farella Braun + Martel LLP on 9/1/2020

On August 8, 2020, the President directed the Secretary of the Treasury to authorize the deferment of certain payroll tax withholding, depositing, and payment obligations otherwise incurred on wages and compensation paid...more

New Revenue Ruling 2020-8 Helps Taxpayers Seek COVID-19 Tax Refund Claims

McDermott Will & Emery on 4/28/2020

Recently, in Revenue Ruling 2020-8, the Internal Revenue Service (IRS) announced that it was suspending Revenue Ruling 71-533, which had addressed the interaction of two Internal Revenue Code (IRC) provisions regarding...more

IRS Extends Time to Request NOL Tentative Carryback Adjustment

ArentFox Schiff on 4/14/2020

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

What does the CARES Act mean for net operating losses and non-corporate business losses?

McGlinchey Stafford on 4/3/2020

The CARES Act temporarily suspends retroactively changes made to the treatment of net operating losses by the 2017 Tax Cuts and Jobs Act (the “2017 Tax Act”). It also suspends retroactively the limitation on excess business...more

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

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