Insights on Tax

Following stalled negotiations about a fifth round of coronavirus relief in Congress, President Trump signed an executive order on August 8, 2020 directing the US Treasury to suspend the obligations of employers to withhold and deposit the employee share of Social Security taxes.

Credit provides incentives for investors funding early-stage life science, research and development, commercialization, and manufacturing.

The tax provisions of the HEALS Act would expand upon and modify several provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act, including the employee retention tax credit, while also introducing additional tax relief to individuals and businesses.

Draft term sheets issued by the Federal Reserve Board announce a proposed expansion of the Main Street Lending Program to certain Nonprofit Organizations.

The 2020 edition of Legal 500 US has rated 43 Arent Fox LLP attorneys as national leaders in their field. In addition, 14 of the firm’s practice areas were ranked among the best in the country.

The Paycheck Protection Program Flexibility Act of 2020 removes the CARES Act provision that disallows employers who obtain forgiveness of a PPP loan from deferring the employer portion of Social Security taxes until December 31, 2021 (one-half) and December 31, 2022 (one-half).

The U.S. House of Representatives earlier today passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, in a 417-1 bipartisan vote.

Because COVID-19 has caused many tenants to experience significant financial hardship and cash shortfalls, their landlords that are real estate investment trusts (REITs) may experience challenges satisfying tax requirements to maintain REIT status in 2020.

On May 12, the House Democrats introduced an aspirational tax package within the Health and Economic Recovery Omnibus Emergency Solutions Act (the “HEROES Act”), which lays out their starting point in negotiations with the Senate and provides insight into the top Democratic legislative tax prioritie

On April 30, the IRS released guidance providing that Paycheck Protection Program (PPP) loan borrowers may not deduct costs that are paid for with loan proceeds that are forgiven under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Under IRS Notice 2020-32, no deduction is allowed for a payment that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan pursuant to the CARES Act and the income associated with such forgiveness is excluded from gross income under the CARES Act.

On April 23, 2020, the Massachusetts Legislature passed an act providing for remote notarization to address challenges related to the 2019 novel coronavirus (COVID-19). The act has been sent to Governor Baker for his review and signing.

Earlier today, the U.S. Senate passed a bill appropriating additional funding to the Paycheck Protection Program, which ran out of funds in the middle of last week. The House is expected to pass the measure on Thursday, after which President Trump is expected to sign it into law.

The IRS has granted a six-month extension to file applications for a tentative carryback adjustment under the “quickie” refund procedure for net operating losses that arose in tax years that began in calendar year 2018 and that ended on or before June 30, 2019. As a result, affected taxpayers have u

On April 10, the Internal Revenue Service published responses to frequently asked questions with respect to the payroll tax deferral provisions of the CARES Act.

The notice also suspends associated interest, additions to tax, and penalties for late filing or late payment until July 15, 2020.

As our country grapples with the health, economic, and social impacts of COVID-19, the US Congress has weaponized the US tax law to provide economic stimulus and soften the financial blow dealt by COVID-19 through two key pieces of legislation.  

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, estimated to cost more than $2 trillion dollars, contains multiple tax-related provisions intended to offer relief to both businesses and individuals. Here we outline key provisions of which businesses and individuals should be aware.

Earlier this week, the IRS released updates on the status of its operations as the COVID-19 outbreak continues and also on the IRS’s new People First Initiative. In addition, Illinois extended its tax filing and payment deadline (but not the deadline to make estimated tax payments) to match the IRS July 15 deadline.

Late on Friday, the IRS formalized U.S. Treasury Secretary Steven Mnuchin’s announcement earlier in the day regarding the extension of the tax filing deadline to July 15 by issuing Notice 2020-18, which contains several important clarifications.

In a tweet this morning, U.S. Treasury Secretary Steven Mnuchin announced that the IRS is extending the tax filing deadline from April 15 to July 15.

The Treasury Department extends the US federal tax filing deadline from April 15 to July 15

On March 19, 2020, as part of the State of Illinois’ efforts to combat disruptions caused by the coronavirus pandemic, the Illinois Department of Revenue announced that it is waiving for two months all penalties and interest that would be imposed on late payments by registered Illinois retailers operating small eating and drinking establishments for sales tax liabilities that are due for the February, March, and April 2020 reporting periods.

Treasury Department extends tax payment deadline by 90 days for most individual taxpayers and many businesses

The IRS released Notice 2020-17 on March 18, 2020, formalizing the relief announced the previous day by U.S. Treasury Secretary Steven Mnuchin, which extended the time to pay certain taxes by 90 days.