News & Analysis as of

Tax Returns Filing Deadlines 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

McGlinchey Stafford

CARES Act Updates Tax Act’s Depreciation Period – Act Fast

McGlinchey Stafford on

Before the enactment of the 2017 Tax Cuts and Jobs Act (TCJA), qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property had a 15-year recovery period for depreciation...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

Pillsbury Winthrop Shaw Pittman LLP

IRS Issues FAQs and Form 7200 for Advance Payment of COVID-19 Employer Tax Credits

The IRS has issued FAQs regarding the tax credits for the sick and family leave and employee retention tax credits which provide guidance on eligibility and instructions for claiming the credits. The guidance sets forth the...more

Foley & Lardner LLP

IRS Issues Guidance on Employee Retention Credits Under CARES Act

Foley & Lardner LLP on

On March 31, 2020, the IRS issued guidance on the Employee Retention Credits under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Employee Retention Credits are fully refundable tax credits...more

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