Insights on Tax

This article discusses the S corporation rules, several common S corporation traps for the unwary, how to prevent a violation of a rule, and how to rectify an inadvertent termination of S corporation status.

In the latest installment of Five Questions, Five Answers, host Birgit Matthiesen sits down with Thomas Boylan, regulatory director at Zero Emission Transportation Association (ZETA), to discuss the importance and benefits of transitioning to electric vehicles (EVs), specifically electric school buses, for public health, climate, and economic advantages.

On June 12, the DC City Council passed the District’s Fiscal Year 2025 (FY25) budget, which includes a 0.49% increase to the mandatory employer payroll tax to support the Universal Paid Family Leave Program.

Andy Katzenberg will present at the Parkbridge Wealth Management Spring Webinar on May 30, 2024.

Senator Doug Jones and Gene Magidenko will present at the FBA’s Corporate and Association Counsel Division webinar on May 16, 2024.

The Internal Revenue Service (IRS) has begun the process of informing over 70,000 taxpayers that their confidential tax information was leaked in a widespread breach by a former IRS contractor.

Shira Helstrom will present at the Georgetown Law’s 41st Annual Representing and Managing Tax-Exempt Organizations Conference on April 19, 2024.

In an industry known for its fast-paced changes, 2024 will be no different for cannabis.

Shira Helstrom will speak at the ABA Business Law Section Spring Meeting on April 5, 2024.

Andy Katzenberg will speak at the Southern Nevada Estate Planning Counsel on March 29.

With the 2024 election cycle underway, it is important for exempt organizations to understand and comply with relevant restrictions on political campaign activities to safeguard their tax-exempt status and avoid triggering excise tax penalties.

As 2024 gets underway, the nonprofit sector will continue to face new challenges in addition to grappling with ongoing challenges that continue to impact the sector.

After seemingly bouncing back from the challenges posed by the COVID-19 pandemic and related labor, supply chain, and governmental mandate issues, the hospitality industry experienced a year of volatility in 2023.

The 2024 election year promises to make taxes front-of-mind for many business and individual taxpayers.

Yesterday, the chairmen of the Senate Finance Committee and the House Ways and Means Committee introduced The Tax Relief for American Families and Workers Act of 2024, which proposes changes to the child tax credit, low-income housing credit, deductibility of research and development expenditures.

The US Department of the Treasury (Treasury Department) and Internal Revenue Service (IRS) recently published proposed regulations under Section 4966 to provide additional guidance on several issues related to creating and administering a donor-advised fund (DAF).

As we discussed in our September 25 alert, Everybody’s Got Something to Hide Except Me and My Monkey: IRS Issues Moratorium on Processing New Employee Retention Credit Claims, the Internal Revenue Service (IRS) previously indicated that it was finalizing details for a settlement program for repayments for those who received an improper employee retention credit (ERC) payment. On December 21, 2023, the IRS provided details of this new settlement program (the ERC Voluntary Disclosure Program).

ArentFox Schiff’s clients report being inundated with notices from registered agents and other service providers to comply with the Corporate Transparency Act (CTA), a new law that will require many existing and newly formed entities to register with and disclose beneficial ownership information to the US government’s Financial Crimes Enforcement Network (FinCEN) beginning on January 1, 2024.

ArentFox Schiff is pleased to announce the election of 16 new partners, effective January 1, 2024.

ArentFox Schiff has been awarded 62 top rankings in the 2024 edition of Best Law Firms® which recognizes firms for professional excellence based on consistently positive ratings from clients and peers.

As we discussed in our September 25 publishing, Everybody’s Got Something to Hide Except Me and My Monkey: IRS Issues Moratorium on Processing New Employee Retention Credit Claims, the IRS previously stated that it was finalizing details for a special withdrawal option for taxpayers.

The Inflation Reduction Act (IRA), enacted in August 2022, appropriated billions of dollars in additional funding to the Internal Revenue Service (IRS).

The IRS has announced an immediate moratorium on the processing of new employee retention credit claims and warns taxpayers of aggressive promoters and marketers “hustling to get a hefty contingency fee.”

The Internal Revenue Service (IRS) has issued guidance on the pharmaceutical excise tax that may apply to certain drug manufacturers, producers, and importers that fail to negotiate a drug-pricing agreement with the US Secretary of Health and Human Services.

The Inflation Reduction Act (IRA), which recently celebrated its one-year anniversary, presents new opportunities for tax-exempt and other organizations to directly benefit from renewable energy tax credits, including investment tax credits (ITCs) and production tax credits (PTCs).