Tax Law News and Insights

IRS Further Postpones Deadline For Tax-Exempt Hospitals To Satisfy CHNA Requirements

Published: Aug 03, 2020
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In response to the ongoing nature of the COVID-19 pandemic, on July 14, 2020, the Internal Revenue Service (IRS) issued Notice 2020-56, which provides additional time for tax-exempt hospital organizations to satisfy the Community Health Needs Assessment (CHNA) requirements. Specifically, the deadline for conducting a CHNA and adopting an implementation strategy...

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How Amending Previous Years’ Tax Returns Can Possibly Free Up Cash

Published: Aug 01, 2020
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For many manufacturers, 2020 has been a year like no other due to the novel coronavirus (COVID-19) pandemic, and cash flow is a major issue. The Coronavirus Aid, Relief, and Economic Security (CARES) Act retroactively modifies certain business-related sections of the Tax Cuts and Jobs Act (TCJA) that can help provide quick...

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A Step Too Far? The IRS Proposes Non-Deductibility Of Disgorgement

Published: Jul 30, 2020
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On June 22, in Liu v. SEC, No. 18-1501, the U.S. Supreme Court issued the latest of its opinions reining in the SEC's use of disgorgement in civil cases. Significantly, the Court's rationale-that disgorgement must be limited to the net gain by the wrongdoer-also undermines to some extent the Internal Revenue...

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