News & Analysis as of

Relief Measures Income Taxes CARES Act

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

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 # 12

Hogan Lovells on

In Washington: President Biden on Tuesday began what is expected to be a weeks-long sales pitch to tout the new coronavirus relief package. Biden visited Smith Flooring in Chester, Pennsylvania, a small business that received...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

Sullivan & Worcester

Key Provisions of the Consolidated Appropriations Act, 2021 for Businesses and Individuals

Sullivan & Worcester on

On December 27, 2020, the Consolidated Appropriations Act, 2021 ("CAA" or the "Act") was signed into law. The 2,100+page CAA is made up of 32 Divisions. The significant business and individual taxpayer related provisions are...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

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

Bowditch & Dewey

2020 End of Year Tax Planning for Businesses

Bowditch & Dewey on

As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: -...more

Troutman Pepper

How to Free Up Access to Employer Assets and/or Ease Employee Access to Vested Benefits During COVID-19

Troutman Pepper on

Who Needs to Know - Employers and Employees Impacted by COVID-19. Why It Matters - Employers and employees alike continue to feel the impact of the COVID-19 pandemic. Despite a variety of tax incentives, employers may...more

Troutman Pepper

PROVIDING COVID-19 FINANCIAL RELIEF: How to Free Up Access to Employer Assets and/or Ease Employee Access to Vested Benefits

Troutman Pepper on

Q. Are there any COVID-related tax incentives that could benefit employers and employees?...more

Pierce Atwood LLP

COVID-19: Maine Income Tax Does Not Conform to FFCRA and the CARES Act

Pierce Atwood LLP on

Maine Revenue Services (MRS) has informed taxpayers that Maine does not conform to the federal tax changes enacted in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security...more

Dentons

State Tax Treatment of Funds Received Through COVID-19 Relief Efforts

Dentons on

Over the last several months, businesses and individuals have received funds through various COVID-19 relief efforts. They now may be wondering what, if any, impact these funds will have on their tax returns next year....more

Hinshaw & Culbertson - Employment Law...

CARES Act Program Expands Scope of Educational Assistance Plans to Include Employer Repayments of Student Loans

A new rule under the CARES Act could be beneficial for employees with outstanding student loan debt, and even provide some cost savings for employers as well. The CARES Act expanded the scope of Educational Assistance...more

A&O Shearman

Congress Passes Largest Ever Economic Stimulus Package: Key Provisions Of Cares Act - Update April 2020

A&O Shearman on

Originally published March 27,2020 – Last updated April 27,2020 The Novel Coronavirus (COVID-19) pandemic has swiftly and significantly unsettled key sectors of the U.S. economy, impacted the viability of many businesses and...more

Sheppard Mullin Richter & Hampton LLP

Code Section 1031 Like Kind Exchange Deadlines Extended

On April 9, 2020, the IRS issued Notice 2020-23 (the “Notice”) which expands the filing and payment deadline relief announced by the Internal Revenue Service (“IRS”) in March. The March announcement gave taxpayers until July...more

Farrell Fritz, P.C.

Business Resources and Recovery (UPDATED)

Farrell Fritz, P.C. on

Businesses grappling with the economic impact of the ongoing COVID-19 crisis have the opportunity to apply for financial assistance through a variety of Federal, State and Local programs. ...more

McDermott Will & Emery

Navigating the Turbulent Waters of COVID-19: Top Tips for Heads of Tax

McDermott Will & Emery on

During the Coronavirus (COVID-19) crisis, business may slow down or even completely shut down, sales are down or next to zero, cost cutting programs have already started, and nobody knows exactly when the recovery will begin....more

Pillsbury Winthrop Shaw Pittman LLP

CARES Act Planning Opportunities for Retirement Accounts and Charitable Giving

Taking advantage of retirement account planning and charitable giving opportunities created under the new stimulus package. Required Minimum Distributions are waived for 2020, allowing further income tax deferral until at...more

Dorsey & Whitney LLP

CARES Act Provides Significant Payroll Tax Relief and Relief for Business Taxpayers and Individuals

Dorsey & Whitney LLP on

The federal Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”), signed into law on March 27, 2020, contains significant (and mostly temporary) changes to federal tax law that provide immediate...more

Wilson Sonsini Goodrich & Rosati

Tax Relief Under the CARES Act

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion stimulus package thought to be the largest in U.S. history. The CARES Act contains several key...more

Dentons

CARES Act: Tax Relief for Individuals

Dentons on

The CARES Act, signed into law on March 27, 2020, provides several tax benefits for individuals, some will be seen immediately and others not until you file your 2020 taxes. Tax Credit - There are some specific rules...more

Dechert LLP

Estate Planning in a COVID-19 Environment and Relevant CARES Act Relief Provisions

Dechert LLP on

As each of us copes with the ongoing challenges posed by COVID-19, we hope this finds you and your families safe and healthy. It can be difficult to think beyond the moment when faced with the daily anxiety and uncertainty...more

Brownstein Hyatt Farber Schreck

The CARES Act: Title II Business Provisions Summary and Analysis

The CARES Act includes several tax provisions for businesses. Most of these provisions are designed to provide businesses immediate (or near term) liquidity, but one major provision provides incentives to retain employees who...more

34 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide