Perspectives on Tax & Wealth Planning
66 total results. Page 1 of 3.
The United States Tax Court on April 27, 2021, ruled that Mylan Inc. could deduct the legal fees it incurred in defending itself against patent infringement claims made by other drug manufacturers while pursuing generic pharmaceutical drug applications.
There’s One for You, Nineteen for Me: Biden Aims To Raise $1.5 Trillion by Raising Tax Rates and Eliminating Like-Kind Exchanges for Wealthy
In March, following the passage of the American Rescue Plan Act of 2021, President Biden announced the American Jobs Plan, an infrastructure spending plan, and the Made in America Tax Plan, a tax reform plan that seeks to raise corporate income taxes.
Senate Finance Committee Provides International Taxation Framework After President Biden Unveils the American Jobs Plan
The proposals in the Framework echo many of the themes set forth in the Made in America Tax Plan.
President Biden’s American Jobs Plan Presents $2 Trillion Infrastructure Plan — and Corporate Income Tax Increases
On March 31, 2021, President Biden presented an infrastructure spending plan coupled with a tax reform plan that seeks to raise corporate income taxes (the “American Jobs Plan” and the “Made in America Tax Plan”).
Happy Birthday, Employee Retention Tax Credit: Congress’s Gift to Cash-Strapped Employers Extended Through December 31
The Employee Retention Tax Credit (ERTC) has been expanded and extended further, providing relief to small and large employers affected by COVID-19 business disruptions. As we approach the one-year anniversary of its original enactment, employers should take a fresh look at their eligibility for the
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.
Jon S. Bouker, Dan H. Renberg, Amal U. Dave, Richard J. Krainin, Tal M. Unrad, Bryce W. Donohue, Justin A. Goldberg, Sung Soo (Steven) Yoon
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.
District of Columbia’s Historic Terminating Business Exclusion from its Unincorporated Business Franchise Tax About to End
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.
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.
Federal Reserve Board Announces Nonprofit Organization Loan Facilities Under Main Street Lending Program
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.
PPP Flexibility Act Removes Bar on Deferral of Employer Portion of Social Security Taxes for PPP Loan Recipients
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).
REITs Accruing Rent Without Receiving Corresponding Cash Payments Need to Start Considering Their Options Now
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
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.
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.