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Financial Stimulus Internal Revenue Service

Mitchell, Williams, Selig, Gates & Woodyard,...

When The (IRS Refund) Check Isn't In the Mail

A recent spate of mail thefts has left the IRS holding the bag when taxpayer refunds have failed to reach those taxpayers. Congress has begun looking into these thefts. Some have occurred from USPS employee theft, but others...more

Manatt, Phelps & Phillips, LLP

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

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

Rivkin Radler LLP

The Deduction of Cannabis Business Expenses Following New York’s 2023 Budget

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The 2023 Budget- Last week, the New York Legislature passed the State’s 2022-2023 Budget. The $220 billion Budget reflects an $8 billion increase over last year’s budget (a more than 3 percent jump). It is also $4 billion...more

Gould + Ratner LLP

IRS Issues Guidance for Claiming the Employee Retention Credit for the First Half of 2021

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This week, the IRS issued guidance for employers claiming the employee retention tax credit for the first two quarters of 2021. Background: Changes Under December 2020 Stimulus Plan - Detailed in a previous Gould &...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, March 2021 # 16

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In Washington: The White House may split a $3 trillion economic recovery proposal into two bills, The New York Times reported Monday. The proposal comes as the economy struggles through the coronavirus pandemic-caused...more

Hogan Lovells

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

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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

Hogan Lovells

Coronavirus: The Hill and the Headlines, February 2021 # 16

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In Washington: The House Budget Committee approved legislation for a $1.9 trillion coronavirus relief package on Monday evening, with a full House vote is expected at the end of this week. So far, House Democrats expect a...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, February 2021 # 11

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In Washington: President Biden will join leaders of the Group of Seven (G-7) nations this Friday for a virtual summit focused on the global response to COVID-19, the White House said Sunday. Other discussions at the summit...more

Akerman LLP - SALT Insights

Summary of Tax Provisions in the Consolidated Appropriations Act, 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

Laner Muchin, Ltd.

COVID-19 Relief Bill Will Have A Significant Impact On Employers And Employees

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On December 27, 2020, the President signed a bill passed by Congress providing additional COVID-19 related relief and stimulus.  The key provisions impacting employers and current and former employees are summarized below,...more

Pillsbury Winthrop Shaw Pittman LLP

Year-End Stimulus Bill Permits, but Does Not Mandate, Extension of FFCRA Leave

Late on December 27, 2020, President Trump signed into law an omnibus stimulus bill. The new legislation contained much needed extensions of unemployment benefits that have supported many Americans who have experienced...more

McDermott Will & Emery

COVID-19 Stimulus Bill Includes Key Renewable Energy Tax Credits

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The US stimulus bill passed into law yesterday includes several key extensions and additions to the tax credits available for renewable energy. The bill had been agreed to by Congress early last week and signed into law by...more

White and Williams LLP

Winter COVID-19 Relief Bill: Overview of Key Provisions

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In a much needed holiday gift for businesses and individuals who continue to be affected by COVID-19, Congress finally approved a $900 billion aid package follow-up to the CARES Act (the Winter Covid-19 Relief Bill), the...more

Sheppard Mullin Richter & Hampton LLP

Congress Extends Renewable Energy Tax Credits in 2021 Omnibus Spending Bill

As Congress was completing final negotiations of the stimulus package dealing with the public health and economic impacts of the coronavirus pandemic, several key energy provisions made their way into the 5593-page omnibus...more

Ballard Spahr LLP

Stimulus Bill Resolves PPP Loan Deductibilty, Enhances Employee Retention Credits, Provides Other Tax Relief

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Included as part of the Stimulus Bill (the Bill) are the COVID-Related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020. For a discussion of other aspects of the Bill, see our...more

Miller Canfield

IRS Updates Guidance on Deductibility of Expenses Paid With PPP Loan Proceeds

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The IRS recently released additional guidance about the tax treatment of expenses paid with proceeds of Paycheck Protection Program loans. The PPP loans are a COVID relief program enacted as part of the CARES Act....more

Hogan Lovells

Coronavirus: The Hill and the Headlines, October 2020 # 15

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In Washington: After several consecutive days of talks between House Speaker Nancy Pelosi (D-CA) and Treasury Secretary Steven Mnuchin it appears increasingly likely that Congress will have to wait to consider any COVID-19...more

Robins Kaplan LLP

Financial Daily Dose 10.20.2020 | Top Story: Intel Sells Flash Memory Unit to SKY Hynix for $9 billion

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Intel Corp. has reached a nearly $9 billion deal to sell its NAND flash memory unit to South Korea’s SKY Hynix, a “move that reorient[s] the semiconductor giant away from an area of historical importance that has become...more

Hogan Lovells

Coronavirus: The Hill and the Headlines, October 2020 # 9

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In Washington: President Trump said Thursday that he is willing to go higher than his current $1.8 trillion offer for the next coronavirus stimulus package as negotiations continue. “Go big or go home,” Trump told Fox...more

Brownstein Hyatt Farber Schreck

Coronavirus Economic Response Update: COVID-19 Negotiations Still Stalled

This weekly newsletter outlines the latest developments in Washington, including major tax, small business and financial services developments in the negotiations on Phase Four legislation and regulatory guidance from various...more

Brooks Pierce

What Employers Should Know About Deferring Employee Payroll Tax

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On Aug. 8, 2020, President Trump issued a memorandum calling for the Secretary of Treasury to allow for the deferral of payroll tax withholding on the employee portion of certain payroll taxes. This memorandum is separate...more

Robins Kaplan LLP

Financial Daily Dose 8.21.2020 | Top Story: Court Stays CA Gig-Worker Law; Uber and Lyft to Keep Operating in State During Appeal

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A state appeals court in California has preempted Uber and Lyft’s threatened state-wide shutdown over a new state law ordering them to reclassify their drivers as employees by “allowing them to continue operating [under their...more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – June 2020 # 18

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In Washington: The Treasury Department, working with the Internal Revenue Service (IRS), mistakenly delivered more than a million stimulus payments worth about $1.4 billion to deceased people, according to a report...more

Stoel Rives LLP

IRS Expands CARES Act Relief

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The Coronavirus Aid, Relief, and Economic Security Act (the ‘‘CARES Act’’) allows qualified retirement plans to permit participants affected by COVID-19 to (1) withdraw up to $100,000 from their eligible retirement plan...more

Brownstein Hyatt Farber Schreck

IRS Notice 2020-50: Guidance on Coronavirus Related Distributions and Loans

The Coronavirus Aid, Relief, and Economic Security Act, Pub. L. 116-136 (the “CARES Act”) became law on March 27, 2020. For information about the CARES Act, please see our summary. Among other things, Section 2202 of the...more

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