Andersen is staying on top of the latest guidance on COVID-19 tax relief developments. For all of the most recent information, please refer to the links below. These links include our most recent tax releases as well as information and analysis related to the latest government pronouncements.
We will continue to keep you up to date as the tax relief process continues to ensure you and your businesses are ready for the potential changes ahead.
December 22, 2020
Update: President Trump subsequently signed the COVID-19 relief and spending bill discussed below into law on December 27, 2020. The 5,593-page COVID-19 relief and spending bill passed by Congress (H.R. 133, the Consolidated Appropriations....
December 18, 2020
Seattle’s payroll expense tax takes effect January 1, 2021. However, much has changed since the so-called head tax levy, was originally conceived. The tax aims to tax employers’ payroll expense on compensation....
September 28, 2020
Faced with a record budget shortfall as a result of the economic turmoil created by the COVID-19 pandemic, the California State Legislature adjourned its 2020 legislative session on August 31, 2020 after having enacted the state....
September 28, 2020
As a result of the COVID-19 pandemic, telecommuting or remote work arrangements have evolved from a growing trend to the norm at many companies. Unfortunately, a minority of states’ tax laws are....
August 31, 2020
The Department of Treasury and Internal Revenue Service issued a notice implementing the Presidential Memorandum allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax....
August 14, 2020
The COVID-19 pandemic has many businesses considering a wide range of options for continuing operations, including restructuring and/or bankruptcy. As part of navigating the restructuring and/or bankruptcy process businesses must consider....
August 11, 2020
In response to the economic crisis resulting from the COVID-19 pandemic, President Donald Trump issued a Presidential Memorandum on August 8, 2020, instructing the Treasury Secretary to issue guidance to defer through the end of 2020....
August 05, 2020
To comply with shelter-in-place orders arising from the COVID-19 pandemic, many companies implemented work from home arrangements with employees who, in some cases, live in a state other than where the company has....
July 29, 2020
Negotiations regarding the Health, Economic Assistance, Liability Protection and School (HEALS) Act are underway and its provisions are likely to change prior to enactment. As a result, it is unclear which provisions....
July 28, 2020
Senate leadership has introduced a series of separate bills that constitute the next phase of COVID-19 relief, collectively known as the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, which includes a....
July 13, 2020
Property owners in California that experienced a decline in the market value of their property due to COVID-19 may be entitled to two forms of property tax relief. Proposition 8 permits taxpayers to claim....
July 13, 2020
Several states and cities are offering loans, grants and other incentives to help businesses weather the harsh economic environment created by COVID-19. At the same time, states struggling to contain budget deficits, such....
July 13, 2020
The temporarily expanded availability of net operating loss deductions (NOL) under the CARES Act comes as welcome news to businesses in the wake of the economic hardships resulting from the COVID-19 pandemic. How....
July 10, 2020
Qualified businesses that are eligible to claim the research and development (R&D) credit to offset an employer’s FICA payroll taxes may be able to increase their cash benefit by....
June 19, 2020
The CARES Act provides a long-awaited technical correction for qualified improvement property (QIP) and allows taxpayers to claim bonus depreciation on eligible QIP as intended by TCJA. Please click below to read more....
May 14, 2020
The COVID-19 pandemic has resulted in an unprecedented decline in economic activity. Corporate taxpayers find themselves confronting what for many has become an existential threat to their businesses. As a result, they are....
May 13, 2020
On March 27, 2020, President Trump signed into law the CARES Act, which modifies numerous provisions in Sec. 172 of the Internal Revenue Code related to net operating loss (NOL) deductions and NOL carrybacks. The 2017 Tax....
May 05, 2020
The COVID-19 pandemic represents an unprecedented event for businesses of all sizes across the country. Whether a business was forced to completely shut down or was permitted to continue operations at a drastically....
May 01, 2020
The CARES Act temporarily increased the deduction limitation for charitable contributions of food inventory for contributions made during calendar year 2020 to provide increased deduction opportunities for businesses that are increasing their charitable activity....
April 28, 2020
Treasury and IRS issued guidance providing tax relief to both individuals and businesses affected by travel disruptions arising from the COVID-19 pandemic. The guidance temporarily relaxes U.S. rules for determining tax residency....
April 22, 2020
This Tax Release is an update to a prior release published on April 1, 2020 to include a discussion of recently issued guidance which intersects with the CARES Act technical correction for qualified improvement property.....
April 17, 2020
This tax release is an update to a prior release published on March 23, 2020. It includes a discussion of the CARES Act technical correction for qualified improvement property. Taxpayers should consider ways to increase....
April 10, 2020
Notice 2020-23 significantly expands the federal tax returns and tax payments that qualify for a postponed due date of July 15, 2020. The specified returns and tax payments eligible for a deferred due date of....
April 06, 2020
There are a number of ways individuals and businesses can help individuals in their communities and affected employees during a time of crisis, including charitable-based programs, direct financial assistance to employees, employee loans,....
April 03, 2020
In response to the COVID-19 pandemic, Congress enacted massive stimulus packages--The Families First Coronavirus Response Act and the CARES Act-- that provide significant relief to employers of all sizes. ....
April 01, 2020
This tax release was updated on April 22, 2020 to include a discussion of recently issued guidance which intersects with the CARES Act technical correction for qualified improvement property The CARES ACT provides a long-awaited....
March 30, 2020
In response to the COVID-19 pandemic, Congress enacted massive relief packages - The Families First Coronavirus Response Act and the CARES Act - that provide significant tax relief to both individuals....
April 09, 2020
On Wednesday, April 8, Andersen hosted a webcast on the planning opportunities for individuals and their families in regards to the financial turmoil caused by COVID-19. The webcast was moderated by Andersen US....
April 04, 2020
On Friday, April 3, Andersen hosted a webcast on the recent legislation enacted by Congress in response to the Covid-19 epidemic. The webcast was moderated by Andersen Managing Directors Dennis Minich,....
March 27, 2020
Congress has passed and the President is expected to sign into law today the Phase 3 COVID-19 Relief package known as the CARES Act, which includes a number of significant tax provisions that would....
March 25, 2020
The Senate has voted on and passed the Phase 3 COVID-19 Relief package, which includes a number of significant tax provisions that would affect individuals and businesses. The agreed-upon package reflects many of the....
March 24, 2020
IRS issued answers to frequently asked questions (FAQs) arising from the income tax return and income tax payment relief it recently announced (Notice 2020-18) in response to the COVID-19 pandemic. The Notice postpones....
March 23, 2020
Employers can provide employees with tax-free payments to reimburse them for reasonable and necessary personal, family and living expenses as a result of the COVID-19 pandemic. Such payments are fully deductible by the....
March 23, 2020
This tax release was updated on April 17, 2020 to include a discussion of the CARES Act technical correction for qualified improvement property. Taxpayers should consider ways to increase cash flow in light of....
March 21, 2020
IRS issued Notice 2020-18 postponing the due date for filing income tax returns and making income tax payments from April 15, 2020, to July 15, 2020. There is no limitation on the amount of payment that may....
March 20, 2020
The Families First Coronavirus Response Act (H.R. 6201), was passed by Congress and signed into law by President Trump. The legislation provides employers with a refundable Social Security tax credit equal to the....
March 19, 2020
On Friday, March 13, President Trump declared a National Emergency in response to the COVID-19 pandemic, issued an emergency declaration for all states and territories under the Stafford Act, and instructed Treasury to provide....
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