Tax Law News and Insights

On August 28, 2020, the U.S. Department of the Treasury issued guidance for employers with respect to the deferral of the employee portion of certain payroll taxes. This guidance stems from a presidential memorandum Notice 2020-65 issued on August 8, 2020 authorizing employers to defer payment of these taxes. That memorandum allowed for the...

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On September 1, 2020, the Treasury Department and the Internal Revenue Service (IRS) issued final regulations in T.D. 9910 (the "Regulations") permitting taxpayers to waive deductions to reduce or eliminate liability for the base erosion and anti-abuse tax (generally referred to as the "BEAT"). The BEAT was introduced as part...

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In March Congress enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136), a $2 trillion package offering relief to individuals and businesses suffering from the impact of the COVID-19 pandemic. In addition to stimulus payments and expanded unemployment benefits available to individuals, the CARES Act made numerous...

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