Elizabeth Johnston Wytock
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On May 26, the Internal Revenue Service (“IRS”) and the U.S. Department of the Treasury issued final regulations (the “Final Regulations”) relaxing nonprofit donor disclosure requirements under section 6033 of the Internal Revenue Code (the “Code”) for many non-charitable tax-exempt organizations. Stated generally, section 6033 requires organizations exempt from taxation under section 501(a) (including section … Continue Reading
Today, March 18, 2020, the Senate overwhelming passed the Families First Coronavirus Response Act, previously passed by the House. President Trump is expected to sign the bill. The bill would provide refundable payroll tax credits through 2020 to employers to cover wages paid to employees while they take time off under the bill’s sick leave … Continue Reading
Today, March 17, 2020, Treasury Secretary Steven Mnuchin announced that individuals may defer up to $1 million in 2019 tax liability without interest or penalties until July 14 (90 days after April 15, 2020) and corporations may defer up to $10 million in tax liability without interest or penalties for 90 days. Secretary Mnuchin said … Continue Reading
Today, March 14, 2020, the House overwhelmingly passed an emergency coronavirus response bill (H.R. 6201) with bipartisan support. The Senate is expected to consider the package next week. President Trump and Majority Leader Mitch McConnell (R-Ky) both issued statements indicating support for relief measures. The bill would provide refundable payroll tax credits through 2020 to … Continue Reading
Today, March 13, 2020, President Trump declared a national emergency under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the coronavirus. This declaration allows the Treasury Department and the IRS to extend the deadline for certain taxpayers and small businesses to pay taxes until December 31, 2020 as Treasury Secretary … Continue Reading
Possible Tax Filing and Payment Extension. At a House subcommittee meeting yesterday, March 11, 2020, Treasury Secretary Steven Mnuchin announced that the Treasury Department is considering extending the deadline for certain taxpayers and small businesses to pay taxes until December 31, 2020. No interest or penalties would be imposed on taxpayers filing by the extended … Continue Reading
I. Introduction. On March 4, 2019, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (the “Treasury”) released proposed regulations (the “Proposed Regulations”) regarding the deduction for “foreign-derived intangible income” (“FDII”) under section 250 of the Internal Revenue Code.[1] Section 250 was enacted in 2017 as part of the tax reform act.[2] … Continue Reading
On January 18, the Internal Revenue Service (“IRS”) and the U.S. Department of the Treasury issued final regulations (the “Final Regulations”) on the “pass through” deduction under section 199A[1] of the Internal Revenue Code (the “Code”). Very generally, section 199A provides individuals with a deduction of up to 20% of income from a domestic “trade … Continue Reading
IRS Issues Final Regulations on Nonprofit Donor Disclosure Requirements
By Amanda H. Nussbaum and Elizabeth Johnston Wytock on Posted in Exempt Organizations
Coronavirus: Senate Passes Emergency Coronavirus Response Bill Providing For Tax Credits for Sick and Family Leave Payments; President Trump Expected to Sign
By David S. Miller and Elizabeth Johnston Wytock on Posted in Coronavirus, In the news, Tax Policy
Coronavirus: Treasury Secretary Mnuchin Announces 90-Day Interest-Free and Penalty-Free Tax Payment Extension from April 15 to July 14
By David S. Miller and Elizabeth Johnston Wytock on Posted in Coronavirus, In the news, Tax Policy
Coronavirus: House Passes Emergency Coronavirus Response Bill Providing For Tax Credits for Sick and Family Leave Payments
By David S. Miller and Elizabeth Johnston Wytock on Posted in Coronavirus, In the news, Tax Policy
Coronavirus: President Trump Declares a National Emergency Allowing Possible Tax Filing and Payment Extensions
By David S. Miller and Elizabeth Johnston Wytock on Posted in Coronavirus, In the news, Tax Policy
Coronavirus: Recent Tax-Related Developments
By David S. Miller and Elizabeth Johnston Wytock on Posted in Coronavirus, In the news, Tax Policy
Proposed FDII Regulations under Section 250
By Elizabeth Johnston Wytock, Sean Webb, Stuart Rosow, Scott S. Jones, Mary B. Kuusisto, Malcolm Hochenberg, Michael Fernhoff, Martin T. Hamilton, Jamiel E. Poindexter, Jeremy Naylor, David S. Miller, Alan Parnes, Amanda H. Nussbaum, Arnold P. May and Richard M. Corn on Posted in GILTI, International Taxation, IRS, Tax Cuts and Jobs Act, Tax Reform
Proposed Rental Business Safe Harbor under Section 199A
By Richard M. Corn, Amanda H. Nussbaum, David S. Miller, Elizabeth Johnston Wytock, Michael Fernhoff, Stuart Rosow and Timothy Donovan on Posted in IRS, Real Estate, Tax Cuts and Jobs Act, Tax Reform
