News & Analysis as of

Relief Measures Coronavirus/COVID-19 Income Taxes

Buckingham, Doolittle & Burroughs, LLC

Employee Retention Credit on the Chopping Block as Congress Mulls Tax and Spending Bills

The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) would terminate the employee retention credit (ERC) for claims filed after January 31, 2024. Initially authorized by the CARES Act to incentivize...more

McDermott Will & Emery

Weekly IRS Roundup September 19 – September 23, 2022

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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 19, 2022 – September 23, 2022....more

Fox Rothschild LLP

Internal Revenue Service Announces Sweeping Penalty Relief for 2019, 2020 Tax Returns

Fox Rothschild LLP on

The Internal Revenue Service plans to provide widespread penalty relief for the late filing of certain tax and information returns for the 2019 and 2020 tax years. According to Notice 2022-36, this latest penalty relief...more

Littler

New Jersey Quietly Rolls Back Temporary Suspension of Employer Withholding Rules for Teleworking Employees

Littler on

Effective October 1, 2021, the New Jersey Division of Taxation (the “NJDT”) ended the temporary relief period with regard to employers’ obligation to withhold income taxes for teleworking employees who work in New Jersey.1 ...more

BakerHostetler

[Podcast] 32nd Annual Legislative Seminar Series: Congresswoman Stephanie Murphy, D-Fla.

BakerHostetler on

Former Congressman Mike Ferguson, leader of BakerHostetler’s Federal Policy team, and former Congressman Heath Shuler, a Senior Advisor on the Federal Policy team host bipartisan leaders from the House and Senate to discuss...more

Pillsbury Winthrop Shaw Pittman LLP

New York Budget Raises Tax Rates, Provides Relief to Address Pandemic

New York’s Fiscal Year 2022 budget increases taxes on corporations and high earners and provides relief to pandemic-hit industries. Temporary increases to tax rates on corporations, individuals, and tax credits for...more

Foster Garvey PC

Eligibility for Federal Stimulus Benefits Appears to Be Benign, But When You Peel Away the Onion, a Major Flaw Appears

Foster Garvey PC on

During the COVID-19 pandemic, the federal government enacted three major pieces of legislation to provide financial relief to individuals and families. The American Recovery Plan Act (“ARPA”), the most recent legislation,...more

Burns & Levinson LLP

Individual Income Tax Filing and Payment Deadline Extended to May 17, 2021

Burns & Levinson LLP on

The U.S. Department of the Treasury and Internal Revenue Service announced on March 17, 2021, that the federal income tax filing due date for individuals will be automatically extended from April 15 to May 17, 2021. This...more

Bricker Graydon LLP

Federal and Ohio tax deadlines extended

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On March 17, 2021, the Treasury Department and the Internal Revenue Service announced that the federal income tax filing due date deadline has been extended from April 15, 2021 to May 17, 2021. At the same time, the IRS also...more

Greenberg Glusker LLP

IRS and California Franchise Tax Board Extend Deadlines for Individual Taxpayers to May 17, 2021 – What You Need to Know

Greenberg Glusker LLP on

During the week of March 15, both the Internal Revenue Service and the California Franchise Tax Board extended the deadlines for individual taxpayers to file their 2020 income tax returns and pay their 2020 taxes from April...more

Gibney Anthony & Flaherty, LLP

New York State Extends Tax Filing Deadline to May 17, 2021

New York State has extended the due date for personal income tax returns and related payments originally due on April 15, 2021 to May 17, 2021. This follows the federal tax deadline which was also extended from April 15,...more

BCLP

Federal Income Tax Due Date Postponed to May

BCLP on

The IRS announced on Wednesday that the due date for individual federal income tax returns has been postponed to May 17, 2021. The postponement also applies to individuals who pay self-employment tax....more

Gould + Ratner LLP

The Latest COVID-19 Stimulus: Highlights of Key Tax Provisions in the American Rescue Plan Act of 2021

Gould + Ratner LLP on

The American Rescue Plan Act of 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on employers and employees the coronavirus (COVID-19) pandemic has posed. The ARPA...more

Hogan Lovells

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

Hogan Lovells on

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

Lowndes

IRS Extends Tax Day to May 17

Lowndes on

The Internal Revenue Service provided individual taxpayers with a nice St. Patrick’s Day surprise by announcing that the tax deadline for individuals had automatically been extended from April 15, 2021 to May 17, 2021....more

Sherman & Howard L.L.C.

Latest Stimulus Bill Extends Unemployment, Adds New Subsidies

On March 11 President Biden signed Congress’ latest pandemic-fueled economic stimulus package, the “American Rescue Plan Act of 2021.” The new act extended now-familiar federal unemployment programs and added new relief for...more

Hogan Lovells

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

Hogan Lovells on

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

Downs Rachlin Martin PLLC

Vermont Legislative Update 02-05-2021 - An analysis from DRM's Government & Public Affairs Team

Project based TIFs would expand rural redevelopment - The Senate Committee on Economic Development, Housing and General Affairs is considering S.33, a bill that would allow more towns to apply for project-based tax...more

Snell & Wilmer

Highlights from the Colorado Assembly’s Extraordinary Session for COVID-19 Relief

Snell & Wilmer on

On November 30, 2020, the Colorado General Assembly convened for an extraordinary session aimed at providing additional pandemic relief. Of the nearly 40 bills that were introduced, 10 passed. By December 7, 2020, Governor...more

Bradley Arant Boult Cummings LLP

ADOR Affirms Deductibility of PPP Loan-Related Expenses but Unanswered Conformity Questions Remain

The Alabama Department of Revenue issued helpful guidance on January 7, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation. The new guidance affirms the...more

Fisher Phillips

What Employers Need To Know About Latest Federal COVID-19 Stimulus Package

Fisher Phillips on

Federal lawmakers agreed to a second round of stimulus legislation late last night, sending a nearly 6,000-page bill to President Trump for his expected signature. The proposal allocates $900 billion in economic relief to...more

Lewitt Hackman

COVID-Related Tax Relief Act Summary

Lewitt Hackman on

Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. As of this writing, President Donald J. Trump has...more

ArentFox Schiff

Bipartisan Relief Bill Seeks to Allow Tax Deduction for PPP Loan Expenditures

ArentFox Schiff on

On Monday, December 14, Senator Joe Manchin (D-WV) and Senator Susan Collins (R-Maine) introduced the “Emergency Coronavirus Relief Act of 2020,” which would provide another round of relief to combat the economic fallout...more

Bass, Berry & Sims PLC

HHS Changes Course: Requires Repayment of Excess Relief Funds Received

Bass, Berry & Sims PLC on

On December 4, the U.S. Department of Health and Human Services (HHS) revised its Public Health and Social Services Emergency Fund (Relief Fund) Frequently Asked Questions (FAQs), indicating that providers must return Relief...more

Eversheds Sutherland (US) LLP

New IRS guidance confirms PPP loans not as good or as bad as once thought

The Internal Revenue Service (IRS) recently issued a Revenue Ruling, a Revenue Procedure and a series of frequently asked questions (FAQs) posted on the IRS website addressing open questions regarding Paycheck Protection...more

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