Introduction to the New Initiative Effective January 1, 2021, Virginia’s General Assembly added several new provisions to the Virginia Tax Code, Title 58.1 of the Code of Virginia (the “Code”), to address concerns raised by the Virginia Department of Taxation… Read more
IRS Releases Proposed Regulations to Clarify Rules On Thursday, June 11, 2020, the IRS released proposed rules to clarify the 2017 Tax Act’s limit on the kinds of property that can be traded for other property with no immediate income tax… Read more
During times of economic strain, many companies will be faced with a decision to reduce or defer payments of employee benefit costs. Many companies around the country have applied for an SBA Paycheck Protection Program (PPP) loan to obtain needed… Read more
The Department of Labor issued temporary regulations describing the requirements for group health plan coverage of employees who take leave under the Emergency Paid Sick Leave Act (EPSLA) or Expanded Family and Medical Leave Act (EFMLA). These acts are separate… Read more
New Notice of Extended Deadlines In a further response to the COVID-19 pandemic and its effects on taxpayers, on April 9, 2020, the IRS released Notice 2020-23, 2020-18 IRB, 04/09/2020, extending more tax deadlines to cover individuals, estates, corporations, and… Read more
The COVID-19 pandemic has many employers making tough choices including reductions in force, reducing hours, and reducing compensation for employees. Employment decisions, in turn, affect employee benefit plans and policies. Employers need to review their employee benefit plans and policies,… Read more
In response to the COVID-19 pandemic, the federal government enacted laws designed to relieve the payroll tax burden on employers. Eligible employers may be entitled to refundable tax credits under both the Families First Coronavirus Response Act (FFCRA) and the… Read more
Any person owing federal gift tax or generation-skipping transfer tax on April 15 will now have until July 15 to make that payment without interest or penalties. The IRS, in Notice 2020-20 (pdf), released on Friday, March 27, announced that… Read more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) increased the incentives for individuals and corporations to donate to 501(c)(3) nonprofit organizations. Deductions for Cash Contributions Specifically, Section 2204 provides for a one-time above-the-line (ATL) deduction (a direct deduction… Read more
In a news release issued Wednesday, March 25, IR-2020-59, the Internal Revenue Service (IRS) announced it will immediately suspend certain tax payments and compliance programs, and the agency pledged generally to not start new audits or private debt collections until… Read more
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