Insights on Tax

At $1.9 trillion, the American Rescue Plan Act of 2021, signed into law by President Biden on March 11, 2021, is the largest aid package passed by Congress since the start of the pandemic.

Schiff Hardin represented its long-standing client Tuthill Corporation, in the sale of its Tuthill Vacuum and Blower Systems division to Ingersoll Rand Inc. for $184 million dollars, completed January 31, 2021.

Schiff Hardin LLP is pleased to announce that 28 attorneys have been recognized on the 2021 Illinois Super Lawyers and Rising Stars lists.

Schiff Hardin LLP is pleased to announce Melisa Seyhun’s article, “Life Insurance: What Attorneys and Trustees Should Know,” has won Best Overall Article in the Trust & Estate category in the 2020 Excellence in Writing Awards.

Many corporations, limited liability companies, and other similar entities will soon be required to disclose their beneficial owners to the United States government.

The highly anticipated coronavirus relief package was passed by Congress late on December 21, 2020, and is expected to be signed into law in the coming days. 

To change its method of accounting, a taxpayer must receive consent from the IRS and should provide evidence showing the change in business activity, so that the IRS can confirm that the change in method of accounting will accurately reflect income.

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 resulting from COVID-19.

The Paycheck Protection Program (PPP) established under the CARES Act was among the tools used to assist small businesses suffering from the COVID-19 pandemic.

The District of Columbia is one of the few state or local jurisdictions in the country to impose a franchise tax on “unincorporated businesses.”

Twenty-four Arent Fox LLP practices have been recognized in the 2021 “Best Law Firms” rankings that are published annually by US News & World Report and Best Lawyers.

Schiff Hardin LLP has received 46 top-tier rankings in the 2021 edition of U.S. News – Best Lawyers® “Best Law Firms,” nationally recognizing the firm’s premier practices.

Schiff Hardin LLP is pleased to announce that 59 attorneys have been listed in the 2021 edition of The Best Lawyers in America, with six attorneys also being named a “Lawyer of the Year” in their respective areas of practice and location.

Fifty-three Arent Fox LLP attorneys have been rated as leaders in their profession by The Best Lawyers in America 2021.

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.