Ideas & Insights

Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.

The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.

The final version of Form 941-X Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund has been released by the IRS.

Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.

The future of state and local incentives in a post-pandemic economy will be highly influenced by remote workforces – states may act soon.

An executive order was issued directing the deferral of payroll tax payments. Follow up guidance from the Treasury Department is expected.

New legislation allows nonprofit employers to pay 50% of their unemployment reimbursing payment obligations to states.

These treasury regulations affirm the statutes the IRS will use to assess, reconcile, and recapture the COVID-19 payroll tax credits.

Seattle payroll expense tax to be imposed on employee compensation of at least $150,000 for businesses with $7 million or more in payroll.

Employers impacted by COVID-19 may be eligible for payroll tax credits and deferrals reportable on their quarterly payroll tax returns.

Notice 2020-46 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.

Depleted trust fund balances due to COVID-19 may cause state legislatures to act now to prevent further reductions.

Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.

President held personally liable for unpaid income tax withholding even after another corporate officer found responsible.

The IRS has issued updated questions and answers regarding CARES Act employee retention credits for employers impacted by COVID-19.

Employers should use the updated Form 941 to properly report new CARES Act and FFCRA credits beginning in the second quarter of 2020.

Congress authorizes additional $310 billion for PPP; SBA issues additional eligibility guidance for hedge funds and private equity.

Emergency regulations and technical guidance provide clarifications for telecommuter withholding and nexus safe harbors.

Many employers are transitioning to virtual internship programs due to the COVID-19 crisis. Understand the state and local tax consequences.

State tax cash-flow maximization and risk minimization are available for private equity groups and their portfolio companies.