News & Analysis as of September 18, 2024

Internal Revenue Service

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A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +

Thorny Laws That ICHRA Vendors Should Consider

Foley & Lardner LLP on 6/19/2024

Individual Coverage Health Reimbursement Arrangements (ICHRAs) have continued to grow in popularity since their inception in 2019 (see our article here summarizing the 2019 rule establishing ICHRAs). While initially it seemed...more

Accidental Termination on Purpose? S Corp Ruling Could Be Huge For QSBS Owners

DarrowEverett LLP on 4/3/2024

Qualified Small Business Stock (“QSBS”) is arguably one of the largest “gifts” Congress has given taxpayers by excluding from a shareholder’s gross income the greater of $10 million or 10 times the shareholder’s basis in the...more

Forget Congress: The IRS Needs To Reverse Course On The Deduction Of Business Expenses Paid With PPP Loan Proceeds

Farrell Fritz, P.C. on 10/13/2020

Round Two- “Painful social lockdowns in Europe and some American states helped blunt the coronavirus. Now, amid a fitful reopening, the pandemic is once again surging.” So begins an article on the front page of last...more

A Trap for the Unwary – IRS Denies Deductions for Expenses Paid with Forgiven PPP Loans

Bowditch & Dewey on 9/3/2020

A central feature of the CARES Act, the Paycheck Protection Program (PPP), provided a lifeline to a multitude of small businesses during the early days of the Coronavirus pandemic. PPP loans were used to cover payroll...more

SBA Publishes New Guidance On PPP Loan Forgiveness And Appeal Rights

Hahn Loeser & Parks LLP on 8/19/2020

The U.S. Small Business Administration (“SBA”) last week began accepting Paycheck Protection Program (“PPP”) loan forgiveness applications and published new guidance on the loan forgiveness process and a new appeals process. ...more

IRS Clarifies Non-Deductibility of Expenses Paid With Forgiven PPP Loan Proceeds

Lowndes on 5/4/2020

The Paycheck Protection Program (“PPP”) included in the CARES Act allows businesses with 500 or fewer employees to receive loans to pay payroll costs, rent and certain other expenses....more

Client Alert: Joint Guidance Gives Immediate Relief to Small and Midsize Businesses

Hutchison PLLC on 3/27/2020

The IRS and DOL recently issued joint guidance enabling small and midsize employers to begin taking advantage of two new refundable payroll tax credits which are designed to immediately and fully reimburse them,...more

IRS News Release Describes Plan to Implement Families First Coronavirus Response Act

Verrill on 3/24/2020

On Friday, March 20, 2020, the Internal Revenue Service (IRS) issued a News Release, IR 2020-57 (Release), that describes the new paid leave benefits for certain employees of small and medium-sized businesses under the...more

Weekly IRS Roundup November 18 – 22, 2019

McDermott Will & Emery on 11/27/2019

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of November 18 – 22, 2019. November 19, 2019: The IRS published final regulations that affect United...more

M&A Update: IRS Mulls Change to Spinoff Rules

Cadwalader, Wickersham & Taft LLP on 5/28/2015

In a statement that would mark a stark change in approach, an IRS official recently indicated that the IRS may begin requiring that companies seeking to effect tax-free spinoffs conduct active businesses that represent a...more

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