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Tax Liability Relief Measures Tax Relief

Holland & Knight LLP

IRS, State of California Offer Tax Relief for Wildfire-Impacted Taxpayers in Los Angeles County

Holland & Knight LLP on

In response to a Federal Emergency Management Agency (FEMA) declaration on the Los Angeles wildfires, the IRS on Jan. 10, 2025, issued a news release, IR-2025-10, which postpones certain tax-filing and tax-payment deadlines...more

Pullman & Comley, LLC

IRS Confirms PPP Loan Forgiveness Not Taxable

Pullman & Comley, LLC on

Under general income tax principles, when a borrower has its indebtedness forgiven, the borrower recognizes income in the forgiven amount.  Under the CARES Act, however, Congress made clear that forgiveness of a Paycheck...more

Bowditch & Dewey

National Emergency Enables Tax-Free Employee Relief Fund

Bowditch & Dewey on

Once the President declared the COVID-19 pandemic a national emergency on March 13, 2020, in addition to opening access to billions of federal dollars, it also allowed employers to offer financial assistance to their...more

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