• 03.27.20

    Limited Expansion of Business Interest Deduction to Offset Effects of COVID-19

    The COVID-19 pandemic threatens the viability of many of our country's businesses by necessitating that they close their doors to normal operations, resulting in less income and likely reductions in workforce.

  • 03.27.20

    Temporary Repeal of Excess Business Loss Limitation Rules

    The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) repeals the “excess business loss” limitation rules previously enacted by the 2017 federal tax reform for the 2018, 2019 and 2020 tax years, as if such limitation had never been enacted.

  • 03.27.20

    Bad Debts and Debt Cancellations

    If you are currently a lender or other creditor to individuals or other organizations, and in the current environment there is a risk that your borrowers or other debtors may be unable to repay loans or other debts to you, for tax purposes the unpaid debts may be treated as business bad debt or ...

  • 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.

manatt-black

ATTORNEY ADVERTISING

pursuant to New York DR 2-101(f)

© 2021 Manatt, Phelps & Phillips, LLP.

All rights reserved