Please see the summary prepared by Shelagh Michaud, Irene Scholl-Tatevosya, and Kimberly K. Harding of Nixon Peabody LLP regarding the Consolidated Appropriations Act and the FFCRA (Family First Coronavirus Response Act). The article from Nixon Peabody addresses the effects on extended tax credits for employers. The article also includes links to other updates the law firm […]
Please see the summary prepared by Damian A. Myers, Yelena F. Gray, and Lena Gionnette of Nixon Peabody LLP regarding the Consolidated Appropriations Act. The article from Nixon Peabody addresses the effects on FSAs. Please see below. Stimulus legislation temporarily relaxes flexible spending arrangement rules The recently signed Consolidated Appropriations Act is intended to provide […]
Italian Tax Authorities have issued new instructions regarding transfer pricings. Please read about these changes below, in the article entitled “Italy issues new transfer pricing documentation requirements and proposes changes to APA procedure”, drawn up by Ernst & Young LLP (EY). Executive summary On 23 November 2020, the Italian Tax Authorities issued new instructions (New […]
Taxpayers can now check if their charitable donation is tax deductible by using the IRS’ TEOS tool. As stated on the IRS website, the “Tax Exempt Organization Search” gives taxpayers the chance to search for tax exempt organizations and charities. This allows one to determine if any donations made can be considered tax deductible chartable […]
With the recently released IRS Revenue Ruling, many business owners who took out PPP Loans wondering if they could deduct associated expenses will now have their answer. Please see this article from the tax advisory firm Baker Tilly, “Treasury guidance disallows deductions related to PPP loan proceeds if forgiveness expected”, written by Paul Dillon, Michelle […]
If you are a foreign owner of US property, this article provided by the Witherworldwide real estate think tank and Paul Sczudlo entitled “The IRS further targets foreign owners of US real property” may be of interest to you: With the impact of rampant U.S. federal government stimulus spending to address the coronavirus pandemic and […]
Dear Clients, Please find the following article regarding the IRS and their backlog of unopened paper tax returns from National Society of Accountants (NSA), written by Jessica L. Jeane, JD, the Director of Public Policy and Communications: IRS Continues to Work Through Mail Backlog Consisting of Over 5 Million Unopened Items, Commissioner Rettig Says October […]
Please find the following post regarding state income tax rates and relocation to different states during the pandemic, from the law firm WithersWorldwide: Beginning early this year, COVID-19 started spreading in the United States, with some states hit harder than others. People who had the means and ability left the hard-hit, densely populated states and […]
Please find the following New York Time’s Op-Ed piece, by Jerry Seinfeld. Jerry Seinfeld: So You Think New York Is ‘Dead’(It’s not.) By Jerry SeinfeldMr. Seinfeld is a comedian.Aug. 24, 2020 When I got my first apartment in Manhattan in the hot summer of 1976, there was no pooper-scooper law, and the streets were covered […]
The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. The presentation below focuses details, eligibility, and required documents regarding for-profit businesses. Three different loan programs have been designed for the […]