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You are here: Home / Archives for Federal Income Tax

COVID-19 – Tax and Other Relief for Not-for-Profit Organizations

April 14, 2020 by Cristin Keane

Not-for-profit organizations have not escaped the brutal toll that the coronavirus outbreak is having on employers and service providers. With an increased demand for social services, educational organizations providing online learning, a volatile stock market impacting endowments, potentially limited working capital reserves, employees facing child care and health issues, and uncertain economic times impacting potential donors, not-for-profit organizations join other ... Keep Reading »

Filed Under: Federal Income Tax, Tax Exempt Organizations

IRS Provides Wide-Reaching Extensions for Tax Filings and Payments, as well as Other Time-Sensitive Actions, Including Section 1031 Identification and Replacement Deadlines

April 14, 2020 by Cristin Keane

April 9, 2020: The Treasury Department and the Internal Revenue Service issued Notice 2020-23, which amplified Notice 2020-18 and Notice 2020-20 and modified Rev. Proc. 2014-42 with respect to calendar year 2020, and provided additional relief, postponing certain time-sensitive actions. Generally, Notice 2020-23 provides that any person who has a federal tax return or other form filing obligation specified in the Notice that is due to be performed (originally or pursuant ... Keep Reading »

Filed Under: Federal Income Tax, International Tax, LLCs and Partnerships, Qualified Opportunity Zone, Tax Controversy, Tax Exempt Organizations

COVID-19: CARES Act and FFCRA Tax Provisions

April 14, 2020 by Cristin Keane

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides relief to taxpayers affected by COVID-19. The CARES Act is the third round of federal government aid related to COVID-19. The following is a summary and analysis of the tax provisions of the CARES Act (and the Families First Coronavirus Response Act (FFCRA), effective as of April 1, 2020) to assist you in determining how they may affect or ... Keep Reading »

Filed Under: Federal Income Tax, LLCs and Partnerships, Tax Exempt Organizations

The Hidden Cost of Settling a Qui Tam Claim

June 20, 2018 by Adam Schwartz, Jordan August and Cristin Keane

Historically, taxpayers who made settlement payments to the government or relator under False Claims Act actions could offset those often considerable costs by deducting all or part of the payment for federal income tax purposes. But the Tax Cuts and Jobs Act, enacted in December, dramatically shifted the tax treatment of such payments, resulting in the potential loss of valuable tax benefits. Now more than ever, companies must carefully consider the tax treatment of ... Keep Reading »

Filed Under: Federal Income Tax, Tax Controversy

Get Ready: IRS to End OVDP

April 20, 2018 by Rahul Ranadive

Recently, I discussed the impact of so-called “soft letters” sent by the IRS to various groups of taxpayers with offshore asset disclosure compliance issues (see this generic example of an IRS soft letter). As my prior piece predicted, the IRS announced the Offshore Voluntary Disclosure Program (OVDP) will close to new applicants on September 28, 2018. Now that the IRS has set a date certain for the OVDP to close, non-compliant taxpayers wishing to enter the OVDP should ... Keep Reading »

Filed Under: Federal Income Tax

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