Newsletters

03.27.20

Emergency Loan Program under CARES Act Preserves Use of Net Operating Losses by Borrowers

The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) includes a $2 trillion COVID-19 relief package that authorizes the Treasury Department to make or guarantee loans to companies with losses that are tied to the pandemic and that threaten their continued operation.


03.27.20

Cross-Border Tax Impact of Travel Restrictions Due to COVID-19 Pandemic

To curb the spread of COVID-19, the United States, the EU and countries around the world have restricted nonessential travel and limited entry to citizens and permanent residents.


03.27.20

CARES Act Retirement Plan Provisions

The 10% additional tax that generally applies to distributions received prior to age 59-1/2 from IRAs and tax qualified retirement plans (including 401(k) plans) will not apply to any coronavirus-related distribution, provided that such distributions to an individual do not exceed $100,000 in any ...


03.27.20

Qualified Improvement Property Deduction Technical Correction

The Tax Cuts and Jobs Act (TCJA) signed into law on December 22, 2017, was intended to accelerate the depreciation of “qualified improvement property” (QIP), which is generally defined as any improvement made to the interior portion of a nonresidential building any time after the ...


03.27.20

Employee Retention Tax Credit for Employers Subject to Closure Due to COVID-19

To help employers (including tax-exempt organizations) affected by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748) provides for an employer federal tax credit against the Social Security portion of payroll tax that the employer pays.


03.27.20

Miscellaneous Employee Benefit Provisions of the CARES Act

From March 27 through the end of 2020, employers may use an Internal Revenue Code Section 127 educational expense reimbursement plan to assist employees in repaying their student loans obtained for qualified higher education.


12.20.17

Limitation on Deduction of Executive Compensation in Excess of $1M

The recently enacted Tax Cuts and Jobs Act substantially modifies the limitation on corporate deductibility of executive compensation under Section 162(m) of the Code.


05.23.16

Partners Are Not Employees, Yet

Recently the IRS issued guidance in the form of temporary and proposed regulations clarifying that individuals who are partners in a partnership that itself owns a disregarded entity are not to be treated as employees of the disregarded entity for various tax law purposes.


02.12.16

PATH Act Amends FIRPTA

Congress enacted the Foreign Investment in Real Property Tax Act (FIRPTA) in 1980 to impose U.S. income tax on certain foreign persons that invest in United States real property interests (USRPI).


01.26.16

The Built-In Gains Tax

Many business owners are aware that, if a business is operated through a C corporation, the corporation pays tax on the profits and, when the profits are distributed to the shareholders in the form of dividends, the shareholders pay tax on the dividends.